Adler promises to expand tax credit for first-time homebuyers

CHERRY HILL – Congressman John Adler has promised to support efforts to extend the tax credit for first-time homebuyers beyond the rapidly approaching Nov. 30 deadline.

Adler, D-3rd of Cherry Hill, made the pledge during a Friday afternoon meeting with real estate agents at the Burlington Camden County Association of Realtors office on Kings Highway.

“Congress made some big decisions when we voted for the economic stimulus package,” Adler said. “While we’re still waiting to make a full recovery, I know we did one great thing, which was the first-time-buyers tax credit. It’s made a great difference at a time when we’ve seen housing prices in America drop for the first time in history.”

During the meeting Adler unveiled a report by his office that projected about 45,700 New Jersey homebuyers would take advantage of the credit of up to $8,000. The report also projected that New Jersey home-sale prices for the most recent quarter would be significantly higher.

“It’s helped stabilize house prices, which benefits all of us,” Adler said of the credit.

Among those who took advantage of the tax credit was Kornelia Forvour, 26, of Evesham. She attended the meeting to talk about how it allowed her and her husband to buy their first home.

“I know that without the credit we wouldn’t be homeowners now,” Forvour said.

Diane Dilzell, president of the New Jersey Association of Realtors, said thousands of similar sales were made across the state to buyers like Forvour.

“That $8,000 has often made the difference between someone buying a home and not buying a home,” Dilzell said, adding that extending the deadline would continue to help the housing market’s recovery.

“The deadline is 52 days from today. I wouldn’t want a consumer to miss out,” she said.

Adler, who is a member of the House Financial Services and Veterans’ Affairs committees, said the association has his “full commitment toward working to extend the credit for another year.” He also said he was open to expanding it to other buyers if the projected economic boost was great enough to justify the cost.

The House voted last week to give American service members another year to take advantage of the first-time-buyer credit.

Bryan Adams, president of the advocacy group Veterans for Education and a Purple Heart recipient from Operation Iraqi Freedom, said the extension would assist numerous veterans who were unable to take advantage of the offer because they were serving overseas.

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