Federal News
U.S. Senate passes Foreclosure Prevention Act
The U.S. Senate backed a bipartisan housing bill that includes both tax breaks and FHA modernization designed to help homeowners and businesses cope with the troubled housing market. The measure (H.R. 3221) combines large tax breaks for homebuilders, a $7,000 tax credit for people who buy foreclosed properties and $4 billion in grants to help communities purchase and repair abandoned properties. The bill also includes $10 billion in tax-free mortgage revenue bonds to help homeowners refinance subprime loans and $150 billion for pre-foreclosure counseling and stronger loan disclosure requirements. New York’s Senior Senator Schumer voted in support of the bill. The bill now goes before the House and White House where leaders will negotiate a final plan.
Rep. Fossella unveils homebuyer tax credit legislation
In an effort to boost the housing market and spur economic growth, New York Congressman Vito Fossella (R-NY13) recently unveiled bipartisan legislation to provide a temporary homebuyer federal tax credit of $10,000. This legislation (H.R. 5670) would apply to principal residences and the tax benefit could only be claimed once by taxpayers. The measure targets modest home purchases that meet the new GSE conforming loan limits passed by the Economic Stimulus Package, or 125% of median home price, not to exceed $729,750.
This update on government and politics is taken from a weekly publication from NYSAR’s Government Affairs Department. REALTOR members and staff are urged to share this information as appropriate and reprint it in membership publications. Please note that all questions, comments and concerns should be directed to govt@nysar.com as the sending address for this update is not monitored.
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