News from NAR: President Bush signs Housing Stimulus Legislation

On Wednesday, July 30th, President Bush signed the housing stimulus legislation (H.R. 3221) into law. Termed the"Housing and Economic Recovery Act of 2008" the new first-time homebuyer tax credit will go into effect immediately now that it has been signed by the President. This legislation contains a number of victories for REALTORS® and American homeowners including GSE reform, FHA reform, permanent loan limit increases, and a $7500 homeowner tax credit. This bill will help homeowners facing foreclosure find ways to refinance, and will help strengthen mortgage markets. The provisions should prove to be of great benefit to Realtors®, their clients and to communities. Click here for additional information on the provisions of the legislation.

The First-time Homebuyer Tax Credit Chart outlines the basic features of the new tax credit. In the coming days, NAR will provide and post to their Website a Q&A document describing the operation of the credit more fully. In addition, the NAR will post summaries of all the tax provisions. The tax provisions of this legislation focus on consumers. We hope this chart and the additional materials will help Realtors® guide their clients through these new provisions. A brochure containing information that REALTORS® can provide their clients is also in the works.Watch your inbox for additional updates from NAR regarding the new legislation.

The efforts that REALTOR® members from across the country put into this bipartisan victory on the Housing Stimulus bill are much appreciated. It was a long and hard fought battle that called upon all members and all levels of the organization to achieve. This legislation was one of the most important housing bills in a generation, and the support and help from members of the real estate industry were crucial in the successful passage of the legislation.