Homeowners with roofs over their heads are applauding Congress’ passage of a housing stimulus bill as the most important legislation affecting real estate since President Franklin Delano Roosevelt created the Federal Housing Administration during the Great Depression, writes columnist Don DeBat in the September issue of New Homes.
The legislation is the centerpiece of Congress’ efforts to bail out as many as 400,000 troubled American homeowners. The law offers affordable, government-backed mortgages to homeowners at risk of foreclosure and strengthens the battered secondary mortgage market agencies Fannie Mae and Freddie Mac with a temporary rescue plan.
“Realtors are in the business of building communities, and our 1.2 million members understand that this legislation will go a long way in helping people buy and keep their homes,” says Dick Gaylord, president of the National Association of Realtors.
The Illinois Association of Realtors say the Housing and Economic Recovery Act of 2008 will help stabilize the Illinois housing market, boost buyer confidence and offer a lifeline to many facing foreclosure.
“This legislation, and particularly the tax credit, will help first-time home buyers who’ve been on the sidelines waiting for the economy to improve to take that important step up to homeownership,” says IAR President Kay Wirth. “The significant provisions of this bill should bring some stability back to the housing market in Illinois and across the country.”