(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.
"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.
"We applaud Congress for making this legislation a reality, and recognize the leadership of Senator Harry Reid and Senator Johnny Isakson for their tireless efforts to fight for this important bill. Today, on behalf of the over 50,000 Americans in our Coalition, we commend President Obama for signing this important stimulus into law."
Gear emphasized that home sales create jobs across many sectors of the economy. From appliance retailers, to landscapers, to furniture manufacturers, to window treatment contractors - communities across the nation gain good jobs - both high-skill and low-skill - to put Americans back to work every time a home is purchased. And, since three million building-related jobs were lost in the economic downturn, the nation's unemployment cannot turn around until housing-related jobs are created in significant numbers.
"With the news today that unemployment has now exceeded 10%, it is clear that we are by no means out of the woods. The headwinds are still blowing strongly against a stabilized housing market and a strong US economy. The home buyer tax credit to this point has been the only thing incenting the market. This extended and expanded tax credit will go a long way towards the creation of new jobs and the saving of jobs that might otherwise have been in jeopardy. It will help prevent a relapse in the housing market, help millions of hard-working American take advantage of this important stimulus, and continue to stabilize the economy."
Gear emphasized that home sales create jobs across many sectors of the economy. From appliance retailers, to landscapers, to furniture manufacturers, to window treatment contractors - communities across the nation gain good jobs - both high-skill and low-skill - to put Americans back to work every time a home is purchased. And, since three million building-related jobs were lost in the economic downturn, the nation's unemployment cannot turn around until housing-related jobs are created in significant numbers.
"With the news today that unemployment has now exceeded 10%, it is clear that we are by no means out of the woods. The headwinds are still blowing strongly against a stabilized housing market and a strong US economy. The home buyer tax credit to this point has been the only thing incenting the market. This extended and expanded tax credit will go a long way towards the creation of new jobs and the saving of jobs that might otherwise have been in jeopardy. It will help prevent a relapse in the housing market, help millions of hard-working American take advantage of this important stimulus, and continue to stabilize the economy."