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Last Thursday the House of Representatives passed two bills to address the growing foreclosure crises. The White House has signaled it will veto at least one and possibly both bills. The votes in the House are not enough to override either bill. To read all of our posts on the foreclosure crisis click here. To read our post on the legislation click here.

H.R. 3221: Foreclosure Prevention Act of 2008, passed by a vote of 266-154. The legislation, according to the NACEED, “includes modernization of the Federal Housing Administration (FHA) mortgage insurance programs, legislation to create a new independent regulator for the Government-Sponsored Enterprises, Fannie Mae and Freddie Mac, and legislation that would authorize FHA to insure $300 billion in new, affordable long-term mortgages that refinance qualified subprime loans.”

Several of the provisions of H.R. 5720, the “Housing Assistance Tax Act of 2008” were incorporated into the bill Among the provision is a $10 billion increase in the tax-exempt private activity bond volume cap to enable local and state housing agencies to refinance qualified subprime loans, serve other first-time homebuyers, it would allow investors in Low-Income Housing Tax Credits (LIHTC) to fully claim those credits against the Alternative Minimum Tax and provide a $.20 per capita increase in the volume cap for LIHTC’s for 2008 and 2009 as well as several refinements to the LIHTC program.

H.R. 5818 Neighborhood Stabilization Act of 2008, passed by a vote of 239-188. This bill requires the Secretary of Housing and Urban Development (HUD) to make grants and loans to qualified states, in accordance with HUD-approved plans, to carry out eligible housing stimulus activities. Allows such loans to be more…used by a state, a unit of local government or its entity, or a nonprofit organization. A total of $15 billion is provided for these grants.

To read all of our posts on the foreclosure crisis click here. To read our post on the legislation click here.

Related Monarch Blog posts

• Senators propose tax credit changes (0)
• Senate passes housing bill as foreclosures soar in NJ (1)
• Senate approves housing bill in response to sub-prime crisis (1)
• Senate approves housing bill (0)
• Presidential veto evaporates; housing bill approved (1)

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