SHAHEEN DISCUSSES FIRST-TIME HOMEBUYER TAX CREDIT WITH HOUSING ADVOCATES AND TAX EXPERTS IN NASHUA

April 06, 2009

(Nashua, NH) – U.S. Senator Jeanne Shaheen today discussed the importance of getting the housing market moving again at a roundtable discussion in Nashua with New Hampshire housing advocates, tax experts, and prospective homebuyers.  The meeting focused on how new homeowners can take advantage of the first-time homebuyer tax credit now, as the April 15th tax filing deadline approaches.

 

 “The first-time homebuyer tax credit is an important tool in our efforts to get the housing market moving again and give prospective buyers confidence, and I want to make sure this money is getting in people’s pockets when they need it most,” said Shaheen.  “Strengthening the economy must be our top priority, and a major piece of accomplishing that goal is stabilizing the housing market by encouraging home ownership and stopping foreclosures.”

"We believe the new tax credit will be a real help in stimulating the state's real estate market," said Dean J. Christon, Executive Director of New Hampshire Housing Finance Authority. "When you combine the tax credit with very low interest rates, low housing prices and the number of homes currently for sale, it's a great time and a great opportunity for first-time buyers to achieve the dream of home ownership."

Shaheen successfully fought to extend the first-time homebuyer tax credit in the American Recovery and Reinvestment Act (ARRA) of 2009.  In addition, she fought to ensure the ARRA increased funding for the HOME Investment Partnership Program, which provides funds to encourage the development of affordable housing.  New Hampshire will receive an estimated $8.4 million in funding through the ARRA to develop affordable housing at a time when some developers and investors are hesitant to enter or stay in the market.

 

Shaheen also recently introduced and passed an amendment to the Senate budget resolution which will help protect taxpayers from the growing foreclosure crisis by enhancing the Department of Housing and Urban Development’s (HUD) ability to investigate and remove fraudulent mortgage lenders from Federal Housing Administration (FHA) programs. The number of FHA-insured mortgages has grown dramatically in recent years, but HUD’s ability to detect and remove fraudulent lenders in FHA programs has remained stagnant.

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Alex Reese