Builders lobby for first-time homebuyer tax credit extension

Colorado home builders are part of a lobbying group asking Congress to extend the $8,000 tax credit for homebuyers past the Dec. 1 deadline – and to allow everyone buying a principal residence to receive the credit.

During a conference call with the National Association of Home Builders, local builders voiced concerns about the staying power of recovery, mostly because of climbing unemployment rates. They also say that recovering home sales could slump again once the credit expires.

“I would encourage Congress to extend and expand the First Time Home Buyer Tax Credit,” said Ralph Braden, vice president of Nor’Wood Development Group. “By extending the tax credit for another year and by expanding it to all buyers, we believe the credit can help clear the excess housing inventory.”

Braden was joined by Skip Howes of Scott Homes in Woodland Park and David Tschetter, CEO of Colorado Custom Homes in Windsor. The conference call was one of several held across the country as part of the NAHB’s “Revive Housing, Restore America.”

The effort enlists its 200,000 members to bring attention to the “critical role” that housing plays in creating jobs. The association is also asking Congress to work with housing and federal regulators to adopt and enforce clear, concise regulatory guidance that allows appraisers to develop realistic valuations.