In 2008, legislation introduced the First-Time Homebuyer Credit to encourage Americans to purchase a home during a time of crisis within the housing industry. This $7,500 credit was to be given as a tax credit on the individual's return the following year. This credit is to be repaid within 15 years at $500 every year.
However, if you purchased a home in 2009 or 2010, you received the credit but did not need to repay it if you live in the house for 3 years. 2008 homebuyers do not have this option.
I am asking the Obama administration to consider forgiving the repayment for 2008 homebuyers who have lived in their home for 3 years, akin to the 2009 and 2010 homebuyers. It is not reasonable for the "early adopters" of the FTHBC to repay the credit when just a year later, others do not.