Citrus Valley Association of REALTORS Endorses Dreier Housing Bill

February 4, 2009

WASHINGTON, DC - Congressman David Dreier (R-San Dimas, CA), House Rules Committee Ranking Republican, welcomed today the endorsement of his legislation aimed at ending the housing crisis by the Citrus Valley Association of REALTORS (AOR).  Dreier introduced The Economic Recovery Through Responsible Homeownership Act of 2009, H.R. 101, last month, and has been pushing for a similar provision to be included in the stimulus bill currently being debated in Congress.

“The Citrus Valley Association of REALTORS is on the front lines of the foreclosure crisis, and I appreciate their perspective and endorsement of this legislation,” Dreier said.  “Southern California has been hit especially hard by this crisis and we need to take immediate steps to get things moving again.  My legislation is designed to reduce the supply of unsold and vacant homes giving responsible home-buyers an opportunity to achieve financial stability and a greater stake in their homes.”

In a statement issued by Lidia Yun, the 2009 President of the Citrus Valley AOR, she expressed the support of the 5,000 members for H.R. 101.  The statement reads in part, “The Citrus Valley Association of REALTORS believes that H.R. 101 would help reduce the very large inventory of homes nationwide, especially in Southern California.  Southern California has several markets which rank in the top 10 nationwide for foreclosures. H.R. 101 could help move buyers from the side-lines into the homeownership market, thus improving the economy.”

The Economic Recovery Through Responsible Homeownership Act, H.R. 101, creates a new tax credit for 2009 and 2010 for every home purchase made with a down payment of at least 5 percent.  Under the legislation, prospective home buyers will be eligible for three different tax credits based on the size of their down payment.  A home buyer making a down payment of 5 percent will receive a tax credit of $2,000, while a home buyer making a down payment of 10 percent will receive a tax credit of $5,000 and a home buyer making a down payment of 15 percent will receive a credit of $10,000.

Dreier has also fought to include a home-buyers tax credit in the stimulus legislation being debated in Congress.  The Republican alternative to H.R. 1 included a provision that provided a $7,500 tax credit to responsible home-buyers who make a minimum down payment of five percent.