(WASHINGTON) - The Fix Housing First Coalition today applauded the enactment of an extended and expanded home buyer tax credit, to create and save jobs and help stimulate the nation's fragile economy. The first-time homebuyer tax credit, passed as part of the American Recovery and Reinvestment Act of 2009, was originally set to expire on November 30, jeopardizing the country's burgeoning recovery and once again slowing our nation's economy. President Obama signed into law today an extended and expanded version, which enables buyers to enter into contracts by April 30, 2010, expands income eligibility for the credit, and offers a $6,500 credit for certain existing homeowners.
"Today is a good day on the nation's road to economic recovery," said Ken Gear, Executive Director of the Fix Housing First Coalition. "The home buyer tax credit has already opened the door of homeownership for hundreds of thousands of first-time buyers, reducing inventories and stabilizing prices. Now, with this extension and expansion, that success will continue, as both first-time buyers and owners of existing homes will be able to benefit from historically low interest rates and affordability. The multiplier effect of their purchases will create and save jobs across the country, while stimulating local, state, and even our national, economy.
The President has signed the bill extending and expanding the home buyer tax credit into law. First and foremost, a very heartfelt thanks to each and every one of you. There have been few coalitions that reached the level of activity and activism that Fix Housing First did. Every time we asked for help, you delivered. Almost 50,000 messages were sent through our site since September 1, a staggering number by any standard.
During this process, we've received so many emails from coalition members. Through it all we have heard how very tough it still is out there and how the home buyer tax credit was about the only bright spot on an otherwise dreary horizon. While this extension and expansion is a great shot in the arm, we are not out of the woods yet, as you well know. Please stay involved as we plan to keep you updated on next steps, as there is much work still to be done.
One final thing: we should never be too busy to say thank you. Please take one more moment to go back to the site and thank both of your Senators for voting in favor of this bill (remember it passed 98-0), as well as your House member. Here is a link to the Roll Call vote. If your Member of Congress voted "yes" (as 403 did), please thank them.
This victory is your victory and you should be proud of yourselves individually and collectively for what you have done. It is very hard to get something done in Washington, but you did it and in doing so, you are part of turning this economy around.
Thank you!
A few hours ago, it looks like a deal was finally sealed in the Senate to allow a vote on the homebuyer tax credit (as part of the unemployment insurance bill) on Monday. You can see the text of the whole bill here. The tax credit provisions begin on page 14.
Don't forget to drop a note to your Senators over the weekend to stiffen their spines and make sure they vote to extend and expand the credit.
[UPDATE] Near as we can tell at this moment, the process from here will go like this:
1. There will be a cloture vote at 5 pm on Monday in the Senate on the new Baucus substitute. If it succeeds, it takes 30 hours to "ripen," i.e., before the bill can be brought to the floor.
2. Thirty hours later it's Tuesday night. There will likely then be a cloture vote on the full unemployment insurance bill, as amended.
3. Thirty hours after that, it's Thursday morning, when the Senate will vote on final passage of the bill.
4. The House could take up the bill as early as Thursday afternoon or Friday. They likely will just accept the Senate bill and vote on that. If their bill differs from the Senate bill, then the whole thing has to back through Conference. That's unlikely at this point - and undesirable.
5. The plan/hope is to have the bill on the President's desk as soon as next weekend.
Obviously, this is all subject to change without notice. This is the Congress, after all.
You can see from the above that it is important to keep weighing in throughout the week - and sending this link to your network of friends, colleagues, family, neighbors, customers, employees, suppliers and urging them to do the same. The amount of emails being sent through this site has been fantastic - keep it up!
[UPDATE] Nov. 4 : Senate passes the bill 98-0
[UDPATE] Nov. 5: House passes bill 403-12 - sends to the President for signature.
Today at 1 pm EDT the House Small Business Committee is holding a hearing on the home buyer tax credit. FixHousingFirst coalition member Pamela Volm of Annapolis Contracting will be testifying. We'll be there tweeting from the hearing. You can follow us here: www.Twitter.com/FixHousingFirst. Here are the key documents:
And if your Member of Congress is on this committee (see list here) please send them this message today!
The House Small Business Committee is holding a hearing on Wednesday entitled, "The State of the Nation's Housing Sector: An Examination of the First Time Buyer's Credit and Future Policies to Sustain a Recovery." The hearing will examine the current state of the nation's housing sector and the millions of small businesses who operate in it. The hearing aims to also assess the impact of the first-time home buyer tax credit on the real estate industry. Pamela Volm, President of Annapolis Contracting, will testify on behalf of the FixHousingFirst Coalition.
If your Member of Congress is on this Committee (you can check by clicking here to see the Committee roster), it is critical that today or tomorrow you send this note, letting them know that the tax credit is working and urging them to extend and expand the credit. We encourage you to personalize the message, and to talk about how it is impacting you, your business or your community. You can see from the success stories here on this site how the tax credit is benefiting everyone related to the industry - buyers, builders, Realtors, designers, landscapers, manufacturers - and even state and local governments. Make sure they hear from you.