BERKLEY HAILS PASSAGE OF HOUSING HELP BILL

Legislation Will Aid Nevada Families Caught in Mortgage Crunch; $7,500 Tax Credit for First Time Buyers

(July 23, 2008 – Washington D.C.) Congresswoman Shelley Berkley today hailed House passage of legislation that will help address the nation’s mortgage crisis. The package will aid Nevadans facing the loss of a home, help families avoid future foreclosures, and deliver incentives designed to get empty homes off the market and into the hands of new owners. The bill passed the House this afternoon by a vote of 272 to 152.

“Nevada continues to be at the top of the list when it comes to foreclosures and this package will help more families stay in their homes. I know how many families in the Las Vegas Valley are struggling with higher mortgage payments and this package will provide them with new opportunities to refinance their loans,” said Berkley. “While this legislation alone will not solve the mortgage crisis, I am optimistic that it will help more of our friends and neighbors stay in their homes and that is a win-win for everyone involved.”

The American Housing Rescue and Foreclosure Prevention Act will allow families in danger of losing their homes to refinance their mortgages utilizing affordable government-insured loans. The package also provides up to $7,500 in tax credits for first-time homebuyers.

“The surge in foreclosures has led to huge inventories of unsold homes in Nevada and across the nation. Providing up to $7,500 in tax credits for first-time homebuyers creates a great incentive to get more families into properties that are currently sitting vacant,” said Berkley. “This will also help our cities, counties and other local governments by creating new revenue and by reducing the amount spent on dealing with abandoned homes and blighted properties.”

The legislation also:

• Strengthens neighborhoods hardest hit by the foreclosure crisis by providing resources to allow cities and states to buy up and rehabilitate foreclosed properties that are currently driving down home prices, reducing state and local revenues, and destabilizing neighborhoods.

• Expands homeownership opportunities for veterans and helps returning soldiers stay in their homes and avoid foreclosure.

• Creates a new fund to boost the nation’s stock of affordable rental housing for low income individuals and families.