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To help create jobs and set the stage for a strong recovery, the National Association of Home Builders (NAHB) today called on Congress to extend and enhance the US$8,000 first-time home buyer tax credit due to expire on December 1.
Specifically, NAHB is asking Congress to extend the home buyer tax credit program through November 30, 2010 and make it available to all buyers of principal residences.
"If Congress acts to extend the tax credit program, it would spur 383,000 additional home sales, including 80,000 housing starts, creating nearly 350,000 jobs over the coming year," said NAHB Chairman Joe Robson, a home builder from Tulsa, Okla.
In addition to extending the tax credit, Robson said home builders will be meeting with their lawmakers in their home districts during the August congressional recess and urging them to:
- Correct a faulty appraisal process. The inappropriate use of distressed and foreclosed sales as comps in determining home values is hurting home values and killing home sales, NAHB said.
- Improve housing credit conditions. Since there can be no meaningful economic recovery until the flow of credit is restored to housing, NAHB is calling on Congress to urge regulators and the banking industry to end the stranglehold on acquisition, development, and construction (AD&C) loans that has emerged as a major impediment to the housing recovery.
- Co-sponsor Net Operating Loss (NOL) relief legislation in the House and Senate. NOL bills H.R. 2452 in the House and S. 823 in the Senate, said NAHB, would prevent further layoffs in building and other industries hit hard by the recession.
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