First-Time Home Buyer Website A Big Hit

WASHINGTON, DC - A newly launched Web site, www.federalhousingtaxcredit.com, has attracted more than 100,000 visitors, indicating that there is a strong interest among consumers to take advantage of a temporary $7,500 tax credit for the purchase of a first home, according to the National Association of Home Builders (NAHB).

"The initial response is encouraging," said NAHB President Sandy Dunn, a home builder from Point Pleasant, W.Va. "This could be the trigger that helps move prospective first-time buyers off the fence and back into the market. But it won't last forever." The tax credit is among several provisions included in landmark housing legislation enacted into law last month that will help get housing and the economy back on their feet.

The Web site contains useful information on how the tax credit works, including eligibility requirements. To date, the site has attracted 116,000 unique visitors, or about 10,000 per day. It includes details and questions and answers on how home buyers can use the credit and is divided into four sections:

Tax Credit at a Glance. This provides a brief overview on how the credit works. Frequently Asked Questions. A clear to read question and answer format contains basic information about the tax credit, including the definition of a first-time home buyer, what type of homes qualify for the tax credit, what are the income limits to qualify, payback provisions and more. The Law's Other Provisions. In addition to the tax credit, this section summarizes a number of provisions in the Housing and Economic Recovery Act of 2008 that will help prevent foreclosures, reinvigorate the housing market and strengthen the nation's economy. Home Buyer Resources. Provides online resources to make the buying process smoother.

The National Association of Home Builders is a Washington, D.C.-based trade association representing more than 235,000 members involved in home building, remodeling, multifamily construction, property management, subcontracting, design, housing finance, building product manufacturing and other aspects of residential and light commercial construction. Known as "the voice of the housing industry," NAHB is affiliated with more than 800 state and local home builders associations around the country. NAHB's builder members will construct 80 percent of the more than 1.08 million new housing units projected for 2008.