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LEGISLATORS SUPPORT TAX CREDIT FOR GULF COAST RECOVERY

WASHINGTON, D.C. – October 26, 2005

Sens. John Ensign, R-Nev., John Kerry, D-Mass., Rick Santorum, R-Pa., and Debbie Stabenow, D-Mich., today sent a ‘Dear Colleague’ letter to Senate Finance Committee Chairman Charles Grassley, R-Iowa, and Ranking Member Max Baucus, D-Mont., in support of including a modified version of the Community Development Homeownership Tax Credit Act, as proposed in S. 859, in the tax package being developed to help rebuild the Gulf Coast.

PROPOSAL FOR GULF COAST INCLUDES HOMEOWNERSHIP TAX CREDIT

WASHINGTON, D.C. – September 12, 2005

Sen. John F. Kerry, D-Mass. last week proposed a package of emergency economic aid and federal assistance for small businesses and others affected by the destruction in the Gulf Coast. The package includes two housing production components: a National Affordable Housing Trust Fund and a Community Development Homeownership Tax Credit. Kerry and Sen. Mary Landrieu, D-La., offered the measures as an amendment to the Commerce, Justice, Science Appropriations Bill currently pending in the Senate. A vote on the measure is expected this week. Supporters of the homeownership tax credit estimate that it could encourage the construction and substantial rehabilitation of approximately 500,000 homes for low- and moderate-income families in economically distressed areas over the next 10 years. Click here for additional information about housing-related Hurricane Katrina relief.

HOMEOWNERSHIP TAX CREDIT BILL INTRODUCED IN SENATE

WASHINGTON, D.C. – April 21, 2005

Sens. Rick Santorum, R-Pa., John Kerry, D-Mass., Gordon Smith, R-Ore., Debbie Stabenow, D-Mich., Wayne Allard, R-Colo., and Paul Sarbanes, D-Md., introduced a measure yesterday to help provide affordable workforce housing. S. 859, the “Community Development Homeownership Tax Credit Act” would create a homeownership tax credit modeled after the low-income housing tax credit (LIHTC) program. By providing investors with a credit of up to 50 percent of the cost of constructing a new home or rehabilitating an existing property, the bill is intended to fund the production of 50,000 new and rehabilitated homes, generate $6 billion in development activity and create 120,000 new jobs. The bill's sponsors also sent a Dear Colleague letter yesterday urging support in the Senate for the legislation. A similar bill, H.B. 1549, was introduced in the House on April 12. Once the text of S. 859 becomes available it will be available here.

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