The act also expands the credit to include a $6500 credit for current homeowners who have owned a home for any consecutive five year period in the last eight years. This last requirement is to accomodate those who may have just recently lost their homes from changes in the economy. The income limits are also changed to include those with higher incomes. 

For more information, you can visit www.federalhousingtaxcredit.com or see the IRS Newsroom release here.