| REALTORS® from around the country will be seeking passage of a homeownership tax credit to help boost the economy when they meet with their members of Congress during the 2008 NAR Midyear Legislative Conference & Trade Expo in Washington in May. Other priorities for REALTORS® during their visits to Capitol Hill include a modernized FHA, a new regulatory structure for secondary mortgage market companies Fannie Mae and Freddie Mac, and affordable healthcare options for small businesses. Flood and property casualty insurance are also on the agenda. Get talking points on these top legislative issues online. |
| Senate Finance Committee Chairman Max Baucus (D-Mont.) has introduced an alternative minimum tax bill, S. 2886, that includes provisions to extend a host of expiring tax provisions, including the 15-year cost recovery period for leasehold improvements. Baucus has said he wants to move the bill before August. |
The House Financial Services Committee this week passed NAR-backed bills on the housing crisis. The “Emergency Mortgage Loan Modification Act of 2008,” H.R. 5579, would provide a safe harbor for loan servicers who undertake mortgage restructuring. The “Neighborhood Stabilization Act of 2008,” H.R. 5818, would provide $15 billion in grants and loans to states to purchase foreclosed homes. The Committee also began looking at the “FHA Housing Stabilization and Homeownership Retention Act of 2008,” HR 5830, which would create a voluntary program for loan servicers to dramatically write down the value of a mortgage in return for FHA refinancing. Some of the bills could be included in a housing stimulus package being crafted by the House leadership.
| The U.S. Conference of Mayors and NAR have recognized six new Ambassador Cites for their housing efforts: 1) Alexandria, Va., and the Northern Virginia Association of REALTORS® for workforce housing and foreclosure prevention, 2) Allentown, Pa., and the Lehigh Valley Association of REALTORS® for homeownership opportunities for public servants, 3) Asheville, N.C., and the Asheville Board of REALTORS® for an affordable housing task force, 4) Bowling Green, Ky., and the REALTOR® Association of Southern Kentucky for responsible credit efforts, 5) Irvine, Calif., and the Orange County Association of REALTORS® for homeownership education of public officials, and 6) Richmond, Va., and the Richmond Association of REALTORS® for a task force on economically diverse neighborhoods. |
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Posted by admin on April 30, 2008 at 11:48 am under Uncategorized.
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