U.S. Senate Bill - Call To Action

U.S. SENATE CONSIDERING MAJOR HOUSING LEGISLATION

CALL YOUR SENATORS AT 1-202-224-3121 AND TELL THEM TO INCLUDE KEY PROVISIONS IN THE BILL

The Senate has decided to address the housing crisis and is currently crafting major housing legislation. Senate Banking Committee Chairman Chris Dodd (D-CT) and Ranking Member Richard Shelby (R-AL) are in negotiations right now to create a bill.

The provisions NAHB believes must be included are:

• Tax Credit for the Purchase of a Home: A tax credit will stimulate home buying. This will reduce excess supply in housing markets, and most importantly, halt the dangerous erosion of house prices and mortgage credit quality.
• Federal Housing Administration (FHA) Reform: Given the current chaos and stagnation in the credit markets, one of the ways to get mortgage money flowing again is to enact FHA reform. A revitalized FHA will be well positioned to provide reasonably-priced, low-downpayment mortgage solutions to millions of home owners and potential home buyers.
• Net Operating Loss (NOL)Carryback: For home builders large and small, the importance of the ability to claim and carry back NOLs to years when significant taxes were paid will relieve the pressure to either increase high-cost borrowing or further liquidate land, which will only compound the existing inventory problem.
• Mortgage Revenue Bond Program: A special allocation of mortgage revenue bonds used for either purchase or refinancing would allow the program to have the largest effect, particularly for communities experiencing the possibility of a wave of foreclosures or an extreme excess of inventory.

CALL TO ACTION

Please take a moment to call the Capitol Switchboard, at 1-202-224-3121 and ask for your Senators. Tell your Senators that the housing bill must include the key provisions listed above.

1. When you get connected to your Senator's office, tell them who you are, where you are calling from and your connection to the housing industry (legislative offices want to know they are talking to constituents).
2. Inform them that you are calling on behalf of the National Association of Home Builders.
3. Tell your Senators that the Senate housing bill must include:

· Tax Credit for the Purchase of a Home

· Federal Housing Administration (FHA) Reform

· Net Operating Loss Carryback (NOL)

· Expanded Mortgage Revenue Bond Program

This situation remains fluid. Please stay tuned for any further updates and alerts.

Please email any questions or feedback to builderlink@nahb.com.