Housing Bill Clears U.S. Senate
Thanks to the over 2,695 REALTORS® from New Jersey who had responded to the NATIONAL ASSOCIATION OF REALTORS® (NAR) Call for Action! On July 11, 2008, the U.S. Senate voted 63-5 to approve H.R. 3221, which includes loan limits up to $625,500 for the government-sponsored enterprises (GSE) and Federal Housing Administration (FHA), as well as an $8,000 homeownership tax credit. The bill also includes broad GSE reform, FHA reform, development of a National Affordable Housing Trust Fund, and creates a new FHA program to help homeowners at risk for foreclosure. Differences remain between the bill passed by the House and the Senate version. These will be negotiated in the next few weeks, and both House and Senate leaders hope to get this bill to the President’s desk before the August recess.
Linda & Terry Iwaniw
REALTOR Associates
First Time Home Buyer Specialists
Foreclosure Prevention Consultants
RE/MAX Home Team
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