(May 8, 2008 - Washington D.C.)  Congresswoman Shelley Berkley (D-NV) today spoke on the House floor in favor of legislation to address America's mortgage crisis and the housing market slowdown.  The package of bills 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 House is currently debating the housing help package supported by Congresswoman Berkley.     

"This package will deliver help to families facing the loss of a home to foreclosure and will provide up to $7,500 in tax credits for first time homebuyers.  We know families in the Las Vegas Valley are struggling with high mortgage payments and this legislation will provide new opportunities to help them refinance their home loans," said Berkley.  "Qualifying homeowners will also be able to deduct up to $700 from their 2008 property taxes under a provision in this package I helped pass in the House Ways and Means Committee.  Providing this standard deduction will help taxpayers who don't itemize to save on their property taxes," said Berkley.    

As a Member of the House Committee on Ways and Means, Berkley has championed a provision that would provide up to $7,500 in tax credits for first time homebuyers.  

"Nevada has had the highest statewide foreclosure rate for well over a year, and this surge in foreclosures has led to huge inventories of unsold homes.  Providing up to $7,500 in tax credits for first-time homebuyers creates a great incentive to get families into properties that are currently sitting vacant due to foreclosure or that have been sitting on the market for long periods of time," said Berkley.

KEY HOUSING HELP PROVISIONS

• Provides mortgage refinancing assistance to keep families from losing their homes, protects neighboring home values, and helps stabilize the housing market.

• Gives first-time homebuyers a refundable tax credit that works like an interest-free loan of up to $7,500 (to be paid back over 15 years) to spur home buying and stabilize the market.

• Expands the FHA program so borrowers in danger of losing their home can refinance into lower-cost government-insured mortgages they can afford to repay. 

• Supplies states with $10 billion of additional tax-exempt bond authority in 2008 to refinance subprime loans, make loans to first-time homebuyers and to finance the building of affordable rental housing.

• Provides taxpayers who claim the standard deduction with up to an additional $700 standard deduction for property taxes.

• Increases VA Home Loan limit for high-cost housing areas so veterans have more homeownership opportunities and helps returning soldiers avoid foreclosure by lengthening the time a lender must wait before starting foreclosure, from three months to one year after a soldier returns from service.

# # #