Contact Information: 
Paula Sollami Covello
Mercer County Clerk

(Trenton, NJ) – Mercer County Clerk Paula Sollami Covello today reminded local military families they have an extra year to qualify for the Federal home tax credit that is set to expire for the general public on April 30.

Under a special extension for military families, members of the armed forces have until April 30, 2011 to sign a sales contract and must close by June 30, 2011 to receive the credit. First-time homebuyers may qualify for up to $8,000. The tax credit is part of Washington’s economic recovery strategy. There are no plans at all for Congress to extend the tax credit again, so this will most likely be the last chance to claim the credit.

“The tax credit may help local military families afford their first home in this difficult economy and it gives them an extra year to take advantage of Federal stimulus credits,” said Sollami Covello. “The housing market and real estate community can use a boost and anything that can promote qualified homeownership for Mercer County’s service men and women, is certainly a plus,” she added.

Here are the guidelines for members of the armed forces and their families:
  • Service members serving outside the U.S. for at least 90 days between December 31, 2008, and May 1, 2010 have an additional year to quality for the first-time homebuyer credit.
  • Normally, if homeowners do not live in their new house at least three years, they have to repay the tax credit. However, there is an exception for members of the military who have to relocate due to government orders.
The Mercer County Clerk’s Office files and records all documents concerning real estate ownership, mortgages, and transfers. The Mercer County Clerk’s Office remains positioned to provide helpful information to County residents and their families during these challenging times as well as readying itself for an eventual housing recovery. For more information on the homebuyer tax credit and the special extension for military members go to the First-Time Homebuyer Credit page or see Publication 3, Armed Forces Tax Guide at www.IRS.Gov.