On July 30, 2008 President Bush signed the Housing and Economic Recovery Act of 2008 (H.R. 3221) into law. The legislation aims to help the housing sector, thereby supporting the nation’s economy as a whole. Major provisions include:
Increase the Low-Income Housing Tax Credit (LIHTC) and establish a national housing trust fund to provide additional resources for affordable housing.
Read the LIHTC provisions.
Expand the Federal Housing Administration's authority to help at-risk borrowers refinance their mortgages thereby preventing further foreclosures.
Read the Foreclosure provisions.
Stabilize neighborhoods by providing grants for acquiring and rehabilitating abandoned and foreclosed homes for low income affordable housing.
Read the Neighborhood Stabilization Program (NSP).
Temporarily increase state tax-exempt housing bond authority to provide additional affordable housing and help for struggling home owners in refinancing subprime loans.
Read the Housing Bond provisions.
Temporarily create a first-time home buyer tax credit (15-year, no- interest loan) for the purchase of any home. The goal of the credit is to stimulate the housing market, eliminate excess inventory, relieve downward pressure on house prices and bring otherwise-qualified home buyers back into the market.
Read the First-Time Homebuyer Tax Credit provisions.
Establish a more effective and balanced regulatory system for the housing government sponsored enterprises (GSEs) – Fannie Mae, Freddie Mac – and the Federal Home Loan Banks.
Read the Regulatory Reform and other provisions.
These provisions and others in the bill will give a boost to Oregon’s housing industry. The new resources will not be enough to cover all of Oregon’s affordable housing needs, but will help many low-income households throughout the state.
The full text of the Housing and Economic Recovery Act is listed below and divided into its main divisions and sections. Read the Act Summaries and FAQs.
The Act
Housing Stimulus and Economic Recovery Act of 2008 -Full text
