Wednesday, January 30, 2008

Chambliss Co-Sponsors Isakson Measure to Stimulate the Housing Market

U.S. Senator Saxby Chambliss, R-Ga., today co-sponsored legislation authored by colleague U.S. Senator Johnny Isakson, R-Ga., that would provide a $15,000 tax credit over a period of three years on single-family homes purchased between March 1, 2008 and February 28, 2009.

“Owning a home is part of the American dream, and when a family or an individual owns a home, they are not only investing in their own financial security but in their community as well,” said Chambliss. “Senator Isakson is a veteran of the real estate industry, and I’m pleased that he has come forward with this legislation that will help stimulate the housing market and give folks a chance to invest in their future.”

Buyers must occupy the homes as their principle residences to be eligible, and purchases of homes from investors or by investors are ineligible. Homes eligible for the tax credit include: 1) new homes where the building permit was issued and construction began on or before September 1, 2007; 2) owner-occupied homes whose first mortgage loan is in default; and 3) a single-family home that has been foreclosed on and is owned by the mortgagor or its agent.

A similar tax credit was invoked by Congress in the mid-1970s, when the housing market was in a similar crisis.

1 comment:

Tim said...

This is terrible news for individual homeowners needing to sell a home. Why should the federal government pay someone $15,000 not to buy my home.

I am all for incentives and I would love to see the housing market move again. Just don't leave us individual sellers out there to die in favor of the special interests that can lobby you for special favors. This seems like a pretty blatant omission and it is going to hurt individual citizens a great deal.