Adobe Realty Blog: Homebuyer Tax Credit

November 5, 2009

Dear CENTURY 21® Broker/Owners:

I have some good news to share with you. Today, the U.S. House of Representatives voted by an overwhelming 403–12 margin to approve the Unemployment Compensation Extension Act (H.R. 3548) that included, as an amendment, the extension and expansion of the Homebuyer Tax Credit. The bill already passed in the U.S. Senate yesterday, so now it will advance from Congress to the White House for President Obama's signature. The Administration already has signaled its support of the Homebuyer Tax Credit amendment as well as the President's intention to sign the bill into law.

This is an historic moment for our industry as well as the culmination of more than a year's worth of hard work and meetings with elected officials and policy makers. I want to personally thank all of you who participated in CENTURY 21 Real Estate's numerous legislative calls for action — I am both proud and appreciative of how so many of you made office visits, phone calls and e-mailed your elected officials. Combined with Realogy's instrumental efforts on Capitol Hill, I know that our grass roots outreach to Congress and the Administration truly helped make a difference on this issue.

Senator Johnny Isakson (R–Ga.), the chief architect of the Homebuyer Tax Credit legislation, made a short speech on the floor of the U.S. Senate shortly before his colleagues voted 98-0 to pass the bill on November 4th. In his remarks, Sen. Isakson made a point of thanking a handful of key individuals who were critical to the success of this bipartisan effort: Senate Majority Leader Harry Reid (D–Nev.), Senate Finance Committee Chairman Max Baucus (D-Mont.), Sen. Christopher Dodd (D–Conn.), his own lead staffer, Chris Cook, and Realogy's CEO:

"Lastly, but not least, I want to thank Mr. Richard Smith, a private citizen, a person in the housing industry who has dedicated countless hours in the last month to help educate people on the positive effects of what we are about to do and will take place," said Isakson.

On behalf of the entire CENTURY 21 System, I would like to personally add our thanks to Richard and Realogy for his exceptional leadership, determination and dedication to making the extension and expansion of the Homebuyer Tax Credit a reality. I think you will all agree that Sen. Isakson's remarks are a clear validation of what we at CENTURY 21 Real Estate already know — that there is not another real estate company or franchisor in the world that can lay claim to such influential and effective leadership on the issues affecting our industry, and your businesses, as can Realogy.

Again, we are now one step away from this bill becoming law. Once that occurs, we will immediately update century21.com and 21online.com with detailed information for your sales associates and all homebuyers and sellers.

In closing, I'd like to reiterate that our voices were heard in Washington, D.C., and we should be proud that our government is taking strong action to help our industry and the economy. Having an extended and expanded Homebuyer Tax Credit available to qualified home buyers in the first half of 2010 undoubtedly will benefit our business and the U.S. economy.

Best regards,