Louisville Association of Realtors denies misleading homebuyers on tax "credit" - WDRB 41 Louisville News

Louisville Association of Realtors denies misleading homebuyers on tax "credit"

The Louisville Association of Realtors denies it is misleading first time homebuyers in an attempt to sell more homes.

Fox 41's Dick Irby reported Wednesday a new tax credit Realtors and homebuilders are promoting is actually a loan that must be paid back.

People in the housing industry are desperate for buyers.  They are counting on a new federal benefit that offers a savings of up to $7500 a home to generate new interest.

Wednesday, Realtors, bankers, and homebuilders called a news conference to promote the tax credit included in the Home Rescue Act.

Nelson Collins of the Realtors Association explained, "The tax incentive will be the incentive to take that important step toward home ownership."

But Congressman John Yarmuth admits an important detail was left out of yesterday's tax credit pep rally.

If you quality for the $7500 dollar tax break this year, you have to pay it back -- $500 dollars a year for 15 years.

Lisa Stephenson says the Louisville Association of Realtors has begun sending out information to members to make sure potential buyers are informed today's tax benefit must be paid back tomorrow.

The Association of Realtors insists no one will be misled about the tax credit.  But on the organization's national website, a chart describing the tax credit puts repayment information toward the bottom.

A Homebuilders Association website calls the tax credit the chance of a lifetime -- click on details and you see no mention the tax credit must be repaid.  The information is finally revealed way down the list of "Frequently Asked Questions."

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