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CALL YOUR SENATORS AT 1-866-924-NAHB (6242)
Thank you to everyone for staying tuned as the economic stimulus package continues to move swiftly through Congress. The U.S. House of Representatives passed H.R. 5140, the Recovery Rebates and Economic Stimulus for the American People Act of 2008 on Monday, January 29 by a vote of 385-35. The U.S. Senate Finance Committee soon followed with passage of the Economic Stimulus Act of 2008 on Wednesday, January 30, on a bi-partisan basis by a vote of 14-7.
On Monday, February 4 at 5:30pm debate begins in the full Senate body on the economic stimulus package. We need your help to make sure they adopt important tax provisions included in the Senate Finance Committee bill as well as language that would revitalize the Federal Housing Administration (FHA) and Government Sponsored Enterprises (GSEs).
The Senate Finance Committee bill expands the net operating loss (NOL) tax deductions to five years for business losses incurred in 2006, 2007, 2008, expands the Mortgage Revenue Bond Program (MRB) with a special ten billion dollar allocation of bonds, and extends for one year the new home energy efficiency tax credit.
The National Association of Home Builders (NAHB) supports increasing the conforming loan limit to 125 percent of the area median sale price. This would mean the current conforming loan limit of $417,000 would vary according to local area house prices and could be as high as $730,000. This change would give Fannie Mae and Freddie Mac (the GSEs) tremendous potential to relieve liquidity and inventory pressures in the jumbo mortgage markets and bring immediate benefits to the overall economy.
Revitalizing FHA would bring reasonably-priced, low-downpayment mortgage solutions to millions of America's less affluent homeowners and potential homebuyers. Most importantly, it would help reduce the excess inventory in the housing market.
Special Note: Republicans Senators are especially critical to this effort. The Republican Leadership in the Senate supports passing the House economic stimulus package alone. By itself, this legislation is void of critical tax provisions included in the Senate Finance Committee bill. If you live in a state with a Republican Senator, please make an extra effort to communicate the message outlined in the Call to Action below. In addition, click here to see a list of those Republican Senators who are most likely to be persuaded to vote in our favor.
CALL TO ACTION
Please take a moment to call your U.S. Senators using the NAHB Legislative Hotline, at 1-866-924-NAHB (6242) and get connected, free-of-charge. Tell them:
- Vote in favor of moving to debate on the economic stimulus package.
- In any final Senate stimulus bill, support the inclusion of the Economic Stimulus Act of 2008, as passed by the Senate Finance Committee.
- In any final Senate stimulus bill, support the inclusion of the revitalization of the Federal Housing Administration (FHA) and increases to the Fannie Mae and Freddie Mac conforming loan limits for a two-year period.
HOTLINE INSTRUCTIONS
When you call the NAHB Legislative Hotline, you will hear a brief message about the economic stimulus package.
- You will be asked to enter your zip code, and then be given the option to select the first of your two U.S. Senators. Please stay on the line between calls as the system works to patch you through. You will then be patched through to your second Senator.
- 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).
- Inform them that you are calling on behalf of the National Association of Home Builders.
- Communicate the bulleted messages above.
- The debate in the Senate is likely to last several days, so please continue to generate calls throughout the week.
Please email any questions or feedback to builderlink@nahb.com.
Thank you for your help on this effort!
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