ChoicePoint's MARI introduces enhanced mortgage fraud tool: MARI Loan Fraud Alert Service Pro
State HFAs eager to deploy new housing bill resourcesMortgagePress.comNational Council of State Housing Agencies, Housing and Economic Recovery Act of 2008, HR 3221, Housing Finance Agencies The National Council of State Housing Agencies (NCSHA) applauded Congress and the Administration today, as the President signed into law the Housing and Economic Recovery Act of 2008, HR 3221. The legislation provides state Housing Finance Agencies (HFAs) and their industry partners important new tools in their efforts to stem home foreclosures, stabilize foreclosure rocked neighborhoods, and finance affordable home mortgages and rental homes. "State HFAs are ready and eager to put to work the new resources and authorities Congress and the Administration have entrusted to them under this landmark legislation," said NCSHA Executive Director Barbara Thompson. "HFAs will do everything possible to help struggling homeowners hold on to their homes, while creating new affordable housing opportunities for others, with the urgently needed assistance this legislation provides." Among the legislation's most significant provisions are: • An $11 billion tax-exempt Housing Bond cap increase, available in 2008-2010, for the financing of affordable homeownership and rental homes; • A 10 percent Low Income Housing Tax Credit (Housing Credit) cap increase in 2008 and 2009, for the development of affordable rental homes; • Permanent Alternative Minimum Tax (AMT) relief for Housing Bonds and Credits; • Temporary Mortgage Revenue Bond (MRB) refinancing authority; and • Several provisions affording state HFAs greater discretion in their administration of the Housing Bond and Credit programs, to allow these highly effective programs to reach people and places they now struggle to serve. "This hard-won legislation contains many provisions NCSHA first proposed and has persistently pursued for several years," Thompson said, adding, "But, these provisions would not have happened without the leadership and support of so many key housing leaders in Congress, especially House Ways and Means Committee Chairman Charles Rangel (D-NY), Financial Services Committee Chairman Barney Frank (D-MA), and Senate Finance Committee member Maria Cantwell (D-WA), who spearheaded the Housing Credit program changes, and Senate Finance Committee members John Kerry (D-MA) and Gordon Smith (R-OR), who led the effort for the new Bond authority. We deeply appreciate their efforts." "The really tough work lies ahead," noted Thompson. "State HFAs must now quickly deploy these new resources in ways that have the greatest impact on some of the toughest housing challenges our country has ever faced." For more information, visit www.ncsha.org.