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NAR Hails Homeownership Tax Credit Bill
WASHINGTON (April 13, 2005) – The National Association of Realtors hails homeownership tax credit legislation introduced today by U.S. Reps. Tom Reynolds (R-N.Y.) and Ben Cardin (D-Md.) that will help as many as 50,000 families a year achieve the American dream of homeownership.
Modeled after the Low-Income Housing Tax Credit, the program would provide investors with a tax credit of up to 50 percent of the cost of developing each home. The homeownership tax credit is expected to generate nearly $2 billion in private investment annually for the construction and/or rehabilitation of approximately 50,000 homes for sale to lower-income families each year. The credit is also expected to produce 122,000 construction and related jobs, $4 billion in wages and $2 billion in federal, state and local tax revenue.
The bill, H.R. 1549, is similar to legislation that was introduced in both the House and Senate last session and gained the support of a bipartisan majority of Congress. The homeownership tax credit also enjoys the strong support of President Bush. NAR is part of a coalition of over 40 housing and community organizations that back the measure.
“NAR stands ready to work with Congress and the administration to enact tax credit legislation that will help make the dream of a safe, affordable home come true for as many as 50,000 families a year,” said NAR President-Elect Tom Stevens of Vienna,Va., who attended today’s press conference announcing the bill’s introduction. “The homeownership tax credit will increase the supply of affordable homes by helping bridge the gap between the development cost and the price at which these homes can be sold in many lower-income communities. As Realtors, we’re committed to improving communities and expanding opportunities for every family to achieve the American dream of homeownership.”
The National Association of Realtors, “The Voice for Real Estate,” is America’s largest trade association, representing more than 1 million members involved in all aspects of the residential and commercial real estate industries.For more information contact:
Linda M. Johnson, 202/383-7536
lmjohnson@realtors.org
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