NBN Online for the week of June 8, 2009

HUD Secretary Looks for Housing to End Recession

Recognizing that a recovery in the nation’s housing industry is needed to help pull the nation’s weak economy out of today’s difficult recession, U.S. Housing and Urban Development Secretary Shaun Donovan on May 29 told home builders at NAHB’s spring board of directors meeting in Washington, D.C. that reforms are underway at HUD and the Federal Housing Administration to put the housing market back on track.

In his work with Congress to pass the Recovery Act, Donovan said, the President stated that “this economic downturn began with a downturn in the housing market and a recovery in our economy has to begin with the recovery in the housing market, as well.”

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Tax Credits Helping Housing Regain Its Footing, Robson Says

Participating in a June 2 business roundtable hosted by Vice President Joe Biden to promote the benefits of the economic stimulus package enacted into law earlier this year, NAHB Chairman Joe Robson said that the $8,000 first-time home buyer tax credit has helped to arrest a slide in housing sales, but much more needs to be done to get back to anything resembling a healthy housing market.

The event, which took place at Pace University’s Lubin School of Business in New York, also featured New York Governor David Paterson, Deputy Secretary of the Treasury Neal Wolin and other business leaders from across the country.