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Builders Urged to Meet With Their Members of Congress
Builders are being urged to contact their senators and representatives while they are in their home districts for the Memorial Day recess between May 23 and June 2 and urge them to enact stimulus legislation to jump-start housing and boost the overall economy.
The Senate Banking Committee is expected this week to pass legislation that would provide comprehensive reform for housing government sponsored enterprises (GSEs) Fannie Mae and Freddie Mac and allow the Federal Housing Administration to help borrowers at risk of losing their homes refinance into more viable mortgages.
The Senate panel’s bill is one part of the overall housing package in play and is limited to FHA rescue and GSE reform provisions. The full Senate last month passed a housing stimulus tax package and FHA modernization.
All of these elements are included in legislation approved by the House on May 8. At this point, it remains uncertain whether House and Senate negotiators will ultimately consider one giant housing package or choose to move forward with smaller bills.
With the House and Senate still faced with the task of reconciling their bills and sending a final package to the President’s desk, NAHB members next week should contact their federal lawmakers in their local district offices and set up an appointment to discuss the pending housing legislation.
Specifically, builders should urge their members of Congress to include the following provisions in any final housing stimulus bill:
- A temporary home buyer tax credit. This will stimulate home buying and reduce excess inventories. The tax credit is the best way to stabilize the housing market.
- FHA modernization. A revitalized FHA will get mortgage money flowing again.
- Net Operating Loss Carryback. Allowing companies to carry back net operating losses over four years will help businesses weather the economic downturn and make their payrolls.
- Mortgage revenue bond program. Expanding this program will help strapped borrowers seeking to refinance their home loans.
- GSE reform. This will lower the cost of capital in housing markets and free up more funds for home purchases or to refinance troubled loans.
For information on scheduling a local appointment with your member of Congress, e-mail Molly Murray at NAHB, or call her at 800-368-5242 x8282.
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