Rich Neal: “Mr. Speaker, I also rise today in support of this housing assistance tax package which has been reported by the Ways and…”

“Mr. Speaker, I also rise today in support of this housing assistance tax package which has been reported by the Ways and Means Committee. There is little doubt that the sagging housing industry, now at historic lows, has been a drag on our national economy. This legislation would stimulate that industry and help families who have been caught up in this struggling economy. This legislation provides tax credits for first-time homebuyers, and it boosts credits for construction of affordable housing. It allows families to deduct property taxes who couldn't do so before. It increases mortgage revenue bonds and it allows the States to refinance troubled subprime loans. This assistance is targeted to those who need it most. It will also help bring economic stability to our communities. And these provisions are revenue neutral, I emphasize 'revenue neutral,' using a provision from the President's own budget to pay for much of the cost.”