In an effort to stimulate the recovery in housing sales and ensure a productive first quarter in 2010, Congress recently extended the deadline for the first-time homebuyer tax credit and introduced a new program to incentivize current homeowners with a $6,500 credit — targeting both initiatives to expire April 30, 2010.

In addition, the U.S. Treasury Department announced a new housing program in October that will bolster the coffers of state housing finance agencies to provide mortgage assistance for low- and moderate-income families.