Posted by: Todd Long | January 29, 2009

Economic Stimulus Bill on the House Floor

I received an email from the National Home Builders Association and they are calling for more help with our current housing crises.  See below.

The economic stimulus bill that will be voted on in the House on Wednesday, January 28, does not go far enough to help home buyers and the housing sector of the economy.  The House bill, while removing the repayment requirement for the current $7,500 home buyer tax credit, fails to expand the credit to all home buyers, fails to increase the credit amount past $7,500, fails to extend the credit through the end of the year and fails to make the credit available at the closing table. 

The Senate has begun to debate its stimulus bill and has moved a little farther on the tax credit by extending the credit until September 1, 2009, in addition to eliminating the repayment requirement.  We are hopeful the Senate will continue to enhance the credit when it takes up the bill on the Senate floor next week.

Take Action

In order to register the building industry’s disappointment with the House stimulus package, please call your representative at 1-866-924-NAHB (6242) and tell him/her:

·         You are disappointed in the direction of the House stimulus package.

·         As currently crafted, the House stimulus bill will not spur sufficient demand in the housing market to turn the economy around.

·         Keep working on the bill during conference negotiations with the Senate.

·         To make the stimulus bill truly effective, the stimulus bill must:

1.       Increase the credit amount to at least $10,000

2.       Extend the eligibility period from June 30, 2009 to December 31, 2009

3.       Allow the credit to be used at the time of closing

4.       Include all home-buyers


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