WASHINGTON, June 29 /PRNewswire-USNewswire/ -- Speaker Nancy Pelosi released the following statement today after the House passed the Homebuyers Assistance and Improvement Act, which will extend until October 1 the deadline for closing a home sale in order to be eligible for the first-time homebuyer tax credit. The legislation passed by a vote of 409 to 5.

"As a part of our efforts to strengthen America's housing market, Democrats created the successful first-time homebuyer tax credit. With the help of this credit, more than 4 million families have been able to achieve the dream of homeownership, and in doing so, given a boost to our economy.

"The legislation passed by the House today will extend the deadline for Americans already in the process of buying a home, but facing delays that would mean they no longer qualify for the credit. Up to 180,000 homebuyers will now receive the tax credit they deserve, and our housing market will be strengthened as a result.

"We will continue to work to strengthen our nation's economy: creating good American jobs, providing the lowest taxes in 60 years for the middle class and small businesses, and closing tax loopholes that send jobs overseas."

SOURCE Office of the Speaker of the House