Joe Baca: “I rise to support this bipartisan housing stimulus package. The foreclosure crisis is hurting communities all across the…”

“I rise to support this bipartisan housing stimulus package. The foreclosure crisis is hurting communities all across the Nation, and my district has been especially impacted: 4,523 families in my district have already lost their homes this year. Over 11,000 families in San Bernardino County are currently in default. And the San Bernardino-Riverside area in the Inland Empire, ranked #2 nationwide in foreclosure filings this year. Everyone pays when there are foreclosures! Crime increases, home values decline, schools are affected, and cities run deficits which impacts revenues for local police, fire, and social services. H.R. 5818, the Neighborhood Stabilization Act which passed today, will help stabilize communities harmed by empty homes closed by foreclosure. It will provide loans and grants to States to buy and rehabilitate these properties and restore home values in neighborhoods. The broader housing package is also important for many reasons: FHA Stabilization will allow lenders to refinance mortgages with FHA-insured loans to keep families in their homes. FHA Modernization increases FHA loan limits permanently to help high cost housing areas like the Inland Empire. The $7,500 Tax Credit for Homebuyers will help first-time homebuyers purchasing their first home. Low-income Housing Credit Reform modernizes the credit to increase affordable housing in underserved neighborhoods.”