On July 30, 2008, President Bush signed a major housing bill (H.R. 3221) into law.  As part of the housing bill, Congress has created a new temporary tax credit to provide an incentive for first time homebuyers. The $7500 tax credit will be available for the purchase of a principal residence on or after April 9th, 2008 and before July 1, 2009. To find out more about how this works click here.