The Official Online Newspaper of NAHB
Although the Senate failed to act on legislation to establish a $30 billion lending program for small businesses before adjourning for its August recess, Senate Majority Leader Harry Reid (D-Nev.) indicated that the chamber will attempt to bring up the measure when Congress returns during the week of Sept. 13.
In a legislative victory for NAHB, the House last month voted 418 to three to ensure that builders would have the same access as other small businesses to the loan program created by H.R. 5297, the Small Business Lending Fund Act of 2010.
As it currently stands, the Senate bill includes the small business lending fund but does not allow it to be used to provide construction loans to small builders.
In a letter sent to every member of the Senate, NAHB stressed that without language providing equal access to this program for the nation’s small builders, the amendment does not adequately address the small business lending concerns currently facing the nation. NAHB noted that housing was the first sector hit by the current economic crisis, and that recovery cannot be sustained without a revival of the housing industry.
NAHB continues to fight for the inclusion of the construction loans in the Senate bill and to ensure that any final legislative package addresses the housing credit needs of the home building industry.
To view the legislation, click here and type H.R. 5297 in the box at the upper center of the page.
For more information, e-mail Scott Meyer at NAHB, or call him at 800-368-5242 x8144.