| Marchant introduces legislation to help all homebuyers and homeowners | ||
| May 21, 2009 | ||
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FOR IMMEDIATE RELEASE Contact: Brian Thomas Washington, D.C. – Today, Congressman Kenny Marchant (TX-24) introduced new legislation to stimulate the housing market. “My legislation will help jump start new sales in the home market and help lead us out of this recession. By encouraging the American people to re-enter the housing market with broad-based incentives, we can reduce the housing inventory and stabilize housing prices.” The legislation does two basic things. First, it opens up the current $8,000 first-time homebuyer tax credit to ALL homebuyers. Second, it offers a $3,000 credit to homeowners who wish to refinance their principal residence. This tax credit may be applied to: cover the fees associated with refinancing; buy points; or put equity in their home if they’re a little underwater. “Opening up the homebuyer tax credit to all homebuyers will help fuel a broad-based recovery and encourage the American people to prudently invest in their homes. The refinancing piece, in particular, will allow homeowners to take advantage of the current, historically-low mortgage rates without picking winners and losers.” “As we continue to consider new initiatives to stimulate the housing market, I expect to lead the push for free market alternatives, with this legislation as an integral piece of a rejuvenated and healthy housing market.” ### |