Comprised of NAHB, its high production builders, other members and housing groups and businesses nationwide, the coalition is generating a major industry push to have substantial home buyer incentives included in a new economic stimulus package that will be the first order of business for the incoming Obama Administration and 111th Congress. With an Internet presence at www.FixHousingFirst.com, the group is specifically advocating for significant enhancements to the first-time home buyer tax credit, including an expansion of the amount and timeframe of the credit, elimination of its recapture provisions, allowing for its use at the closing table and expansion of eligibility to all home buyers – not just first-timers. The Coalition is also telling Congress to couple the enhanced tax credit with a below-market 30-year fixed rate mortgage for home purchasers. This would amount to a 2.99% rate available for contracts closed between now and June 30, 2009 and a 3.99% rate for contracts closed between June 30, 2009 and Dec. 31, 2009. Additionally, the Coalition is advocating for the continuation of foreclosure prevention measures to keep people in their homes, help stabilize home prices and bolster the economy. Look for Fix Housing First ads to run prominently in several Capitol Hill publications this week.

In related efforts, NAHB has reached out to President-Elect Obama and his transition team, providing them with a comprehensive document titled  "Housing at a Critical Turning Point" that presents a detailed analysis of the housing market and NAHB priorities going forward. In addition, the document outlines how our industry and the Administration can work together to achieve our mutual goals. An upcoming edition of NBN Online will have more on this document, including information on how members can access it when it becomes available on nahb.org.

For more information, contact Greg Brown at  800-368-5242, x8421 [ return to top ]