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.
This article originally published at http://dc.urbanturf.com/articles/blog/more_housing_stimulus_on_the_way/4026
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