More Housing Stimulus On the Way?
In a proposal that is sure to result in his press secretary’s phone ringing off the hook, Rep. Gary Ackerman (D. NY) has legislation in the works that will serve as another stimulus for home buyers, The Wall Street Journal reported this morning.
There are scant details about the proposal, but The Journal is reporting that the bill would provide up to $20,000 for borrowers to use as down payments and that these grants would be limited to two million prospective buyers. Whether the grants would apply just to distressed properties is unclear. The article goes into more detail about where Ackerman would get the funding for this measure.
Rep. Ackerman has been a busy man on the housing legislation front recently. In July, he and Rep. John Campbell (R., Calif.) proposed the Conforming Loan Limits Extension Act, a bill that would extend the current home loan limits on mortgages backed by Fannie Mae, Freddie Mac and the Federal Housing Administration for another two years. Although the bill has 25 co-sponsors, it remains very much up in the air if the proposal will move forward before the October 1 deadline.
See other articles related to: federal tax credit, home buyer stimulus, the wall street journal
This article originally published at https://dc.urbanturf.com/articles/blog/more_housing_stimulus_on_the_way/4026.
Most Popular... This Week • Last 30 Days • Ever
Georgetown Metropolitan reported on Tuesday that the Instagram account for the nation... read »
The National Park Service has given the green light for DC's 62 year-old stadium to b... read »
A Home Equity Line of Credit, commonly referred to as HELOC, is a borrowing product t... read »
UrbanTurf continues our tour of neighborhood developments around the region as we tak... read »
On Wednesday, Airbnb launched the Icons Collection, approximately a dozen "one-of-a-k... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro