Baltimore HUD Homes Blog

Housing Assistance Tax Act of 2008

Includes a first-time home buyer refundable tax credit for purchases on or after April 9, 2008 and before April 1, 2009 equal to 10 percent of the purchase price of a principal residence, up to $7,500.
Phases out the credit for taxpayers with incomes over $75,000 ($150,000 for joint returns).
Requires taxpayers receiving the credit to repay it over 15 years in equal installments by imposing a surcharge on the taxpayers’ annual income tax.

The Act provides emergency assistance for the redevelopment of abandoned and foreclosed homes.

Federal Housing Finance Regulatory Reform Act of 2008

which would create a new, effective regulator for the government-sponsored enterprises (GSEs) so that these vital institutions can safely and soundly carry out their important mission of providing our nation’s families with affordable housing. In addition, this legislation would create a new program at the Federal Housing Administration (FHA) that would help at least 400,000 families save their homes from foreclosure;

Treasury Emergency authority,

designed to shore up the confidence of the financial markets in Fannie Mae, Freddie Mac, and the Federal Home Loan Banks;

The HOPE for Homeowners Act,

which would establish a new initiative at the FHA to prevent foreclosures for hundreds of thousands of families at no cost to American taxpayers;

The S.A.F.E. Mortgage Licensing Act,

which would create a federal registry and establish minimum national standards for all residential mortgage brokers and lenders;

The Bank Foreclosure - REO Prevention Act,

which would provide assistance for communities devastated by foreclosures, foreclosure counseling for families in need, programs to help returning soldiers avoid foreclosure, FHA modernization, and mortgage disclosure enhancements;