EXTENSION OF AND INCREASE IN FIRST-TIME HOMEBUYER CREDIT; WAIVER OF REQUIREMENT TO REPAY.

SEC. 1006. EXTENSION OF AND INCREASE IN FIRST-TIME HOMEBUYER CREDIT; WAIVER OF REQUIREMENT TO REPAY.(a) Extension.—(1) In general.—Section 36(h) is amended by striking “July 1, 2009” and inserting “December 1, 2009”.(2) Conforming amendment.—Section 36(g) is amended by striking “July 1, 2009” and inserting “December 1, 2009”.(b) Increase.—(1) In general.—Section 36(b) is amended by striking “$7,500” each place it appears and inserting “$8,000”.(2) Conforming amendment.—Section 36(b)(1)(B) is amended by striking “$3,750” and inserting “$4,000”.(c) Waiver of Recapture.—(1) In general.—Paragraph (4) of section 36(f) is amended by adding at the end the following new subparagraph:“(D) Waiver of recapture for purchases in 2009.—In the case of any credit allowed with respect to the purchase of a principal residence after December 31, 2008, and before December 1, 2009—“(i) paragraph (1) shall not apply, and“(ii) paragraph (2) shall apply only if the disposition or cessation described in paragraph (2) with respect to such residence occurs during the 36-month period beginning on the date of the purchase of such residence by the taxpayer.”.(2) Conforming amendment.—Subsection (g) of section 36 is amended by striking “subsection (c)” and inserting “subsections (c) and (f)(4)(D)”.(d) Coordination With First-Time Homebuyer Credit for District of Columbia.—(1) In general.—Subsection (e) of section 1400C is amended by adding at the end the following new paragraph:“(4) Coordination with national first-time homebuyers credit.—No credit shall be allowed under this section to any taxpayer with respect to the purchase of a residence after December 31, 2008, and before December 1, 2009, if a credit 123 STAT. 317 under section 36 is allowable to such taxpayer (or the taxpayer’s spouse) with respect to such purchase.”.(2) Conforming amendment.—Section 36(d) is amended by striking paragraph (1).(e) Removal of Prohibition on Financing by Mortgage Revenue Bonds.—Section 36(d), as amended by subsection (c)(2), is amended by striking paragraph (2) and by redesignating paragraphs (3) and (4) as paragraphs (1) and (2), respectively.(f) Effective Date.—The amendments made by this section shall apply to residences purchased after December 31, 2008.