Dear BACM Member,

Please see the message below from Sandy Dunn, NAHB President

RE: First-time Home Buyer Tax Credit Enacted as Part of Housing Stimulus Package
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From: Sandy Dunn, NAHB President

Dear Member:

I am absolutely thrilled to announce that, after months of intensive lobbying by the entire NAHB federation and the tireless dedication of our staff in Washington, the president today signed the housing stimulus package into law.

This milestone legislation will help provide an enormous boost to the housing industry in the form of a tax credit for first-time home buyers, as well as much-needed measures that will improve mortgage liquidity, foster refinancing of troubled loans and expand the supply of affordable rental housing.

The temporary first-time home buyer tax credit will help stimulate home buying, reduce excess supply in housing markets and shore up home prices, so it is critical to get the word out to consumers right away.

NAHB is immediately launching resources to help you understand the credit and promote it to consumers, including:

A new consumer Web site, www.federalhousingtaxcredit.com that includes details and a set of comprehensive questions and answers about how the credit works and how consumers can take advantage of it.

A set of materials to help you learn about and promote the Web site to home buyers that can be downloaded online at: www.nahb.org/mythbuster including:

o Talking points,
o Print ads,
o A consumer handout that includes the credit in the "top reasons you shouldn't wait to buy a new home," and
o A banner ad for the Web site that you can use on your own site.

To learn more about how the legislation will help the home building industry through FHA modernization, GSE reform, and expansion of the mortgage revenue bond and Low Income Housing Tax Credit programs, read the special edition of Nation's Building News (NBN) here at www.nahb.org/reference_list.aspx?sectionID=191

NAHB staff is ready to help you get the maximum impact from these resources. If you have any questions, contact NAHB Public Affairs by e-mail (publicaffairs@nahb.com) or telephone at ext. 8061.

I want to commend everyone who worked so hard to get this legislation passed, and look forward to it helping homeownership regain its footing as the foundation of the American dream.