By Tom Butala
According to Chicagolandrealestateforum.com, President Obama on Friday morning signed the Homebuyers Assistance and Improvement Act of 2010 (HAIA), as well as an extension of the National Flood Insurance Program (NFIP).
The HAIA, approved first by the House of Representatives last Tuesday and then by Senate late the next evening, grants homebuyers with pending contracts until September 30, 2010 to close without losing their tax credit extension of up to $8,000.
The Homebuyers Assistance and Improvement Act was retroactively worded to include transactions taking place before the time of extension but after the previous June 30 deadline.
A copy of the HAIA is available for download online from The Library of Congress.
Obama also extended the National Flood Insurance Program (NFIP), a low-cost insurance program which provides homeowners and renters across the nation with protection of property in the event of a flood.
According to the Wall Street Journal, this marks the fourth temporary-extension of the NFIP since December of 2009.
Previous coverage through the NFIP concluded on June 1, and until Friday’s extension, no new flood insurance policies could be issued or renewed. The July extension permits renewals of old policies, but newly enacted policies require 30 days from the date of issuance to take effect.
To find out more about the NFIP, visit www.Floodsmart.gov.