First-time housebuyers can get a new $8,000, refundable tax credit, U.S. Sen. Ben Cardin said at a news conference Monday in the New Town area.

Cardin, who authored the provision for the credit in the American Recovery and Reinvestment Act, also spoke about the importance of prepurchase counseling during his conference at 4605 Ashforth Way, in the Lyons Gate development, according to a press release.

Residents who earn up to $75,000 annually, and couples earning up to $150,000, can qualify for the tax credit or 10 percent of the house’s value if they buy the house between Jan. 1 and Nov. 30.

Housebuyers must not have owned a house for the past three years and must live in their new house for at least three years, or they will be required to pay back the tax credit.

Cardin focused on the importance of counseling for new housebuyers at the conference.

“I want to ensure that potential homebuyers get the prepurchase counseling they need in order to make sound financial decisions when purchasing a home,” he said.

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