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Housing Suppliers Help Push Housing Bill Into Law
Building product manufacturers, suppliers and distributors played an integral role in helping to shepherd a landmark housing bill through Congress last month, according to NAHB President Sandy Dunn.
“Getting the housing bill through Congress and enacted into law took a real team effort,” said Dunn. “We are especially grateful for the contributions of the Suppliers for Housing Group, a coalition of 13 U.S. manufacturers and distributors, who met with their lawmakers and ran full-page advertisements in Capitol Hill newspapers on the need to pass legislation to get housing and the economy back on their feet. Their efforts helped to push the legislation across the finish line.”
H.R. 3221, the Housing and Economic Recovery Act of 2008, contains several provisions to stimulate the economy, save jobs and restore confidence. These include:
- A temporary first-time home buyer tax credit. The tax credit will stimulate home buying, reduce excess supply in housing markets and shore up home prices. Full details on how the credit works can be found at www.federalhousingtaxcredit.com .
- Federal Housing Administration modernization. A revitalized FHA will have greater flexibility to respond to the needs of borrowers and will play an important role in the mortgage markets, enabling more working families to become home owners.
- Foreclosure relief. To address the foreclosure crisis, the FHA has been given additional authority to insure up to $300 billion of mortgages to refinance loans headed for foreclosure.
- GSE (government-sponsored enterprise) reform. The law reforms the regulation of Fannie Mae and Freddie Mac and permanently increases their conforming loan limits to help buyers in high-cost markets.
- A backstop for Fannie Mae and Freddie Mac. To reassure financial and global markets, the government will temporarily expand its line of credit to Fannie and Freddie and permit the U.S. Treasury to purchase an equity stake in the companies through the end of 2009.
“The legislation represents a significant victory not only for manufacturers and distributors who provide the products and services that create the American Dream, but also for American consumers and the overall economy,” said Frederick Marino, chairman of the Suppliers for Housing Group and vice chairman of ProBuild, Inc. “It will put people back to work in our industry and provide a much-needed shot in the arm for the economy.”
The Suppliers for Housing Group consists of the following companies: Whirlpool, ProBuild, USP Structural Connectors, Sherwin-Williams, Heat & Glo, Eaton, RUUD, Atrium Windows and Doors, Rheem, Heatilator, Sea Gull Lighting, MasterBrand Cabinets and Stock Building Supply. Together, these firms employ more than 150,000 American workers.
To read the legislation, click here and enter H.R. 3221 in the box at the center of the page.
For more information, e-mail Michael Strauss at NAHB, or call him at 800-368-5242 x8252.
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