$7,500 Tax Credit for First-Time Buyers
Lennar Corporation (NYSE:LEN) (NYSE:LEN.B), one of the nation's largest
homebuilders, today commended President Bush for signing into law a
sweeping housing bill designed to renew the stagnant housing market and
bolster the U.S. economy.
“We commend Congress for passing this bill and
the President for his support in signing it,”
said Stuart A. Miller, Lennar’s President and
Chief Executive Officer. “We believe this bill
will help stabilize the housing market and create renewed confidence in
the broader economy.”
Mr. Miller added: “We are particularly
optimistic about the bill’s $7,500 tax credit
for first-time home buyers. This provision has the potential to create
much needed demand among first-time buyers who have been undecided about
buying a new home. And if first-time buyers enter the market, then
existing homeowners may trade up, creating an upward spiral of demand.”
To qualify for the credit, first-time buyers have to close on their home
purchase between April 8, 2008 and July 1, 2009. The full credit is
available to single taxpayers with incomes up to $75,000 and married
couples with incomes up to $150,000. Recipients of the tax credit are
required to repay the federal government during a 15-year period that
begins two tax years after the credit is claimed. The credit, in
essence, is an interest-free loan from the government.
Lennar Corporation, founded in 1954, is one of the nation's leading
builders of quality homes for all generations. The Company builds
affordable, move-up and retirement homes primarily under the Lennar
brand name. Lennar's Financial Services segment provides primarily
mortgage financing, title insurance and closing services for both buyers
of the Company's homes and others. Previous press releases and further
information about the Company may be obtained at the "Investor
Relations" section of the Company's website, www.lennar.com.
Some of the statements in this press release are forward-looking
statements, as that term is defined in the Private Securities Litigation
Reform Act of 1995. These forward-looking statements include statements
regarding our business, financial condition, results of operations, cash
flows, strategies and prospects. You can identify forward-looking
statements by the fact that these statements do not relate strictly to
historical or current matters. Rather, forward-looking statements relate
to anticipated or expected events, activities, trends or results.
Because forward-looking statements relate to matters that have not yet
occurred, these statements are inherently subject to risks and
uncertainties. Many factors could cause our actual activities or results
to differ materially from the activities and results anticipated in
forward-looking statements. These factors include those described under
the caption Risk Factors in Item 1A of our Annual Report on Form 10-K
for our fiscal year ended November 30, 2007. We do not undertake any
obligation to update forward-looking statements, except as required by
Federal securities laws.
Lennar Corporation
Marshall Ames, Vice President
1-800-741-4663
