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 In This Issue Federal Tax Report President Bush Signs Housing Bill Federal Tax Report  President Bush Signs Housing Bill On July 30, 2008, President Bush signed H.R. 3221, the Housing and Economic Recovery Act of 2008. It is now Public law 110-289. The legislation contains significant modifications to the FHA housing program, some modification (but not elimination) of downpayment assistance programs, a new regulator for Fannie Mae and Freddie Mac, a contingency plan to shore up Fannie Mae and Freddie Mac, new programs to assist distressed borrowers refinance their mortgages to avoid foreclosure and a new $7500 tax credit to provide an incentive for first-time homebuyers. The massive legislation has numerous retroactive, immediate and prospective effective dates, depending on the provision. A general summary of major features of the legislation can be found at Realtor.org in the Government Affairs section. Links from that overall summary, listed below, will provide more details in summary, Q&A and chart formats. NAR will continue to add information as the various agencies provide more details on the administration of the new law. View key provisions Homebuyer Tax Credit FAQs Seller-funded downpayment provision Linda Goold 202-383-1083, Megan Booth 202-383-1222, Helen Devlin 202-383-7559 back to top Go to archived weekly reports >> Last Updated: 08/04/2008 Bira de Aquino |
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