REAL ESTATE HOUSING BILL

July 30, 2008 The Senate passed and the President signed a landmark housing bill to shore up the nation's housing finance system. The bill contains billions of dollars in loan guarantees, a tax break for first-time home buyers and many other provisions. The rescue plan extends an unlimited line of credit to the two mortgage-finance giants Fannie Mae and Freddie Mac for 18 months and gives the Treasury the authority - also for 18 months - to buy Fannie and Freddie shares if the Treasury deems the companies’ capital to be inadequate.

Key elements of H.R. 3221, the Housing and Economic Recovery Act of 2008, include:

A temporary first-time home buyer tax credit. The tax credit will stimulate home buying, reduce excess supply in housing markets and shore up home prices.
FHA modernization and expansion. A revitalized FHA will have greater flexibility to respond to the needs of borrowers, enable more working families to become home owners and play an important role in the mortgage markets. To address the foreclosure crisis, the FHA is given additional authority to insure up to $300 billion of mortgages to refinance loans headed for foreclosure.
GSE (government-sponsored enterprise) reform. The law reforms the regulation of Fannie Mae and Freddie Mac and permanently increases the conforming loan limit to help buyers in high-cost markets. To reassure financial and global markets, the government will temporarily expand its line of credit to Fannie and Freddie and permit the U.S. Treasury to purchase an equity stake in the companies through the end of 2009.
Mortgage Revenue Bond Program. The measure gives states the ability to issue an additional $11 billion in mortgage revenue bonds, which will help strapped borrowers seeking to refinance their home loans.
Low Income Housing Tax Credit. Enhancing this program will expand the supply of much-needed affordable rental housing.
Tax Credit Centerpiece of Housing Bill
The centerpiece of the housing bill is a temporary, $7,500 first-time home buyer tax credit for the purchase of any home. The tax credit can be used for homes purchased between April 9, 2008 and July 1, 2009. It is expected to provide a significant -- and temporary -- financial incentive for home buyers.


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