This week, the Senate adopted by a voice vote an amendment offered by Senators Johnny Isakson and Lieberman that provides a temporary $15,000 tax credit to all homebuyers.  The credit would be available for a one year period to all purchasers of primary residences.  Also, the senate expects to debate Amendment 353, the Fix Housing First Act, a proposal by Senator John Ensign (R-NV) that would provide 30 year fixed financing at a rate of about 4%, for anyone purchasing a primary residence.  The passage of these amendments could have a tremendous impact for homebuyers, the real estate industry, and the economy.  These short-term, targeted incentives will encourage Americans to buy homes again.  Historically, tax credits for home buyers have helped bolster the economy.  In 1975, when Congress passed a short-term tax credit for all new homes, in addition to subsidized mortgage rates, this jump-started a depressed economy, and the effects were long-lived.

For more information, and to contact your senators and representatives to support this legislation, please visit: http://capwiz.com/fixhousingfirst/home/.  It is important to let them know our country needs this assistance to move in the right direction.

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