Tax Credit Info Available in Spanish
Thanks to the National Association of Home Builders (NAHB) information is now available in Spanish for those looking for information on the $7,500 first-time home buyer tax credit.
To access the Spanish-language version of NAHB’s tax credit site, go to www.FederalHousingTaxCredit.com.
“The tax credit provides a once in a lifetime opportunity for first-time home buyers,” said NAHB’s 2008 Chairman of the Board Sandy Dunn, a home builder from Point Pleasant, W.Va. “However, the tax credit is temporary, and only homes purchased on or after April 9, 2008 and before July 1, 2009 are eligible. That makes it imperative that we get the word out to as many people as possible so they can take advantage of this outstanding (Continued…)
Home Builders Urge Congress to Pass Financial Rescue Package
Chicago home builders, developers and agents — Act now by emailing your Senator and Representative at capitolconnect or call their offices using the NAHB toll-free legislative hotline at 1-866-924-6242.Earlier this week the House of Representatives failed to pass the bipartisan, carefully-crafted “Emergency Economic Stabilization Act of 2008″ by a vote of 205-228 (View the Final Vote Results for Roll Call 674 and see how your Congressional Representative voted.) This legislation would have helped remedy the extreme turmoil and uncertainty currently facing the nation’s financial markets.
With the failure of the House to act, the financial crisis continues. Falling home prices, mounting foreclosures, and a frozen credit market have taken a severe toll on the nation’s economy. As the financial markets struggle, mortgage credit costs are increasing and home builders are finding it more and more difficult to obtain any business credit. By providing a (Continued…)
Action Needed Now for U.S. Financial Crisis
During an Emergency Session of the NAHB Board of Directors at Fall Boards today in San Diego, the members present voted to support the administration on TARP (troubled assets relief plan). Congress is currently working on historic legislation to address the credit crisis. Help pass this vital aid for the financial markets now by contacting your representatives.
Although the builders present agreed that the plan has challenges specific to our industry that we will have to deal with over the next several years, all agreed the benefits of TARP substantially outweigh the risks of doing nothing. It is critical for home builders to call their Congressional delegation and urge them to act promptly on the financial markets rescue plan. The costs of doing nothing could be catastrophic.
Credit markets have been locked up for months and builders, as well as new home buyers, are suffering from a shortage of mortgage credit. Recently this situation has become more perilous. In fact, Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke warn that conditions have deteriorated to the point of triggering a world-wide financial collapse.
The Treasury Department proposes TARP to stabilize the situation and negotiations are underway in Congress. The proposal will allow the Treasury to restore liquidity to the credit markets by purchasing up to $700 billion in troubled mortgage-related assets from financial institutions. The actual cost of this plan should be considerably less as the Treasury resells the assets and retains the proceeds.
Mortgage assets include residential or commercial mortgages and any securities based on such loans. It is hoped that this rescue plan will shore up housing finance markets and help stem the decline in housing demand and home values by providing an outlet and market for troubled (Continued…)
