Tuesday, August 11, 2009

Builders Ask Congress to Extend Home Buyer Tax Credit

As members of Congress return home for the August congressional recess, NAHB is leading the effort to have the $8,000 first-time home buyer tax credit extended for an additional year and making it available to all eligible buyers of a principal residence.

“If Congress acts to extend the tax credit program, it would spur 383,000 additional home sales, including 80,000 housing starts, creating nearly 350,000 jobs over the coming year,” said NAHB Chairman Joe Robson. “That’s good for the economy and good for America.”

Although there have been some signs of economic stabilization in recent weeks, the unemployment rate is rapidly approaching double-digits. Without a concerted focus on the housing sector, which comprises more than 15% of the GDP, any hope for a recovery could fade.

The NAHB Executive Board on Aug. 4 unanimously agreed to launch a major grassroots campaign to focus congressional attention on housing “in order to ensure that the first flickerings of recovery in the housing market and economy aren’t extinguished.”

To make it easy for members to get involved, NAHB has established a central site at www.nahb.org/revivehousingnow that contains information on the “Revive Housing, Restore America” campaign — starting with calling or e-mailing their members of Congress.

For further information on supporting this effort, e-mail Molly Murray at NAHB, or call her at 800-368-5242 x8282.

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