What was accomplished?
DCAR’s advocacy efforts continue to make waves in DC’s government and real estate community! DC Councilmembers David Grosso, Anita Bonds and Jack Evans have re-introduced the “First-Time Homebuyer Tax Benefit Amendment Act of 2015 (Yvette Alexander and Charles Allen co-sponsored),” which would cut the recordation tax rate from 1.45% to 0.725% for first-time buyers in the District.
How does qualification work?
To qualify, buyers must have never purchased a home in the District, and the property must be a primary owner-occupied residence. Basically, new home buyers in DC are getting a huge win.
What’s DCAR’s position?
We couldn’t be happier to see Councilmembers Grosso, Bonds and Evans take such a giant step to make home ownership a reality for many DC families. We thank them for their continued focus on DC families. Reducing the recordation tax rate will leave a positive impact for years to come.
Where can I find more information?
Read the full text for the “First-time Homebuyer Tax Credit Amendment Act of 2015” and watch Councilmember Grosso discuss the legislation at the 10:25 mark of this video.
What happens next?
The Bill must still make it through the Council’s (lengthy) legislative process. For now, we say CONGRATULATIONS to everyone who participated in DCAR’s advocacy efforts towards lowering the barriers to homeownership. If you by chance bump into your ward’s council member, give them a little nudge to support this bill!