Dear Mr. Johnson,
Thank you for your past correspondence. I'm writing to update you on a provision included in the American Recovery and Reinvestment Act, also known as the "stimulus" bill.
As a former realtor, I understand the benefits of homeownership. I also realize during this time of economic uncertainty, increasing incentives to purchase homes will increase consumer confidence in our economy. I have said for months now taking action on housing will immediately aid our economy. Providing a meaningful tax credit to homebuyers, I believe, would encourage homebuyers that are considering entering the market. I have consistently supported the idea of this type of tax credit and frankly, I believe a $15,000 tax credit to all homebuyers, without limits, is still not enough. This type of a credit should also be extended beyond one year and not contain any income limit caps. Earlier this week, I sent a letter to Speaker Nancy Pelosi and Republican Leader John Boehner, urging them to make housing a priority in the stimulus package. I've enclosed a copy of this letter for your review.
As of this afternoon, I still have not seen an official copy of the final legislation, although the Democratic leadership has told the media they have a bill. I have heard reports the Democratic leaders are reducing the amount of the credit from $15,000 to $7,500 and shortening the time homebuyers may receive the credit and limit it to first time homebuyers. If this is true, I strongly disagree with their actions. Again, we need more focus on housing if we are truly going get our economy back on track, not less.
Should you have questions about the tax credit, please feel free to contact my Legislative Assistant, Lindsay Vogtsberger. Although Lindsay works in my Washington, D.C. office, she may be reached through a local number at (614) 523.2555. Thanks again and I hope this update is helpful.
Sincerely,
Patrick J. Tiberi Representative to Congress
PJT/lv
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1 comment:
Hey JP,
I'm just wondering if the tax credit is actually helping those buyers that are on the lower income level or if it is just a bonus for those that can afford to buy a home anyway? Wouldn't downpayment assistance be better? By the way, nice blog. Just starting my own and am researching other blogs of people I know in the biz.
Thanks,
Travis Moyer (the home inspector)
travis@terra-firma.net
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