NBN Online for the week of July 14, 2008

Extended Term Sought for Home Buyer Tax Credit

In a major grassroots effort, NAHB is urging its members to contact their U.S. senators and representatives and ask them to have the effective date of the proposed home buyer tax credit extended for an additional 90 days to make it as effective as possible in turning around the current downturn in home sales.

“We are asking the House, as it begins making its changes to the bill, to add the months of April, May and June 2009 to the effective date of the credit,” said NAHB President Sandy Dunn.

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Fannie, Freddie Plan Underscores Need for Housing Stimulus Bill

The federal government’s plan to bolster investor confidence in Fannie Mae and Freddie Mac has added even greater impetus for Congress to complete action on a major housing stimulus package.

“We applaud the efforts of the Treasury and Federal Reserve to put an end to this reckless financial panic,” said NAHB President Sandy Dunn.

Calls and E-Mails Needed as Stimulus Bill Moves to Finish Line

Phone calls and e-mails from all NAHB members are urgently needed as housing stimulus legislation H.R. 3221 moves back to the House for its final consideration.

One of the key provisions in the bill is the home buyer tax credit. As currently crafted, the tax credit will expire on April 1, 2009, missing the peak spring/summer buying season. The expiration date of the tax credit needs to be extended by as much as possible to enable it to be used during this critical period.