Kerry Introduces Bill To Help Home Owners
NAR Applauds Senate Introduction of Homeownership Tax Credit Bill
Friday April 22, 11:08 am ET
Modeled after the Low-Income Housing Tax Credit, the legislation is expected to generate nearly $2 billion in private investment annually for the construction and/or rehabilitation of approximately 50,000 homes for sale to lower-income families. The credit is also expected to produce 122,000 construction and related jobs, $4 billion in wages and $2 billion in federal, state and local tax revenue. The program would provide investors with a tax credit of up to 50 percent of the cost of developing each home.
The bill is similar to legislation that was introduced in both the House and Senate last session and gained the support of a bipartisan majority of Congress. The homeownership tax credit also enjoys the strong support of President Bush. NAR is part of a coalition of over 40 housing and community organizations that back the measure.
"The homeownership tax credit will help thousands of families a year purchase a home by bridging the gap between the development cost and the price at which these homes can be sold in many lower-income communities," said NAR President Al Mansell, CEO of Coldwell Banker Residential Brokerage in Salt Lake City. "As Realtors®, we're committed to helping every family achieve the American dream of homeownership. We look forward to working with Congress and the administration to enact homeownership tax credit legislation this year."
The National Association of Realtors®, "The Voice for Real Estate," is America's largest trade association, representing more than 1 million members involved in all aspects of the residential and commercial real estate industries.
Information about NAR is available at http://www.realtor.org. This and other news releases are posted in the Web site's "News Media" section in the NAR Media Center.