The American Credit Union Mortgage Association has begun to lobby Congress and the Administration in support of extending the $8,000 new home buyer tax credit.

The credit, which had been passed earlier this year as part of the attempt to stimulate the economy, allows anyone who purchases a new home through November to claim a tax credit of $8,000.

"The Internal Revenue Service recently reported that well over 1 million taxpayers have benefited from the tax credit, many of these credit union members. We are experiencing this positive impact at a local level on a daily basis," wrote ACUMA President Robert Dorsa in an Oct. 22 letter to NCUA Board Chairman Debbie Matz and leading federal legislators.

"While the tax credit program has enabled more of our members to realize the American dream of homeownership, it has also helped to improve the overall housing market. We feel homeownership is one of the foundations of economic stability. This emphasizes the need to ensure we do not upset a fragile housing market just as we begin to see signs of stabilization. Many small businesses rely on the housing market and are starting to experience positive gains as the housing market recovers," he added.

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