"Isakson Amendment Passed!!Thanks to all of you who weighed in, the Isakson amendment - which provides a tax credit of up to 15,000 to all home buyers - passed by voice vote in the Senate last night with bi-partisan support; it will now be part of the final Senate bill. Truly your voice made a difference.
This is an important victory but our work is not done. Other amendments are expected to be offered today which embody parts of the Fix Housing First plan and we need to support those as well. The plan is to have a bill on the President's desk by February 13, so our efforts this week will be concentrated on the Senate and next week on the conference committee process.
Today Senator Ensign (R-NV) will offer what he is calling the "Fix Housing First Act" (amendment #353) which is much broader than our agenda but does include a mortgage rate buy down program which could lower mortgage rates to as low as 4%. While the plan is not exactly what we have been advocating for, it is another step in the right direction. So please urge your Senators to support the amendment - particularly its rate buy down provisions."
This is a huge jump from the existing $7,500 tax "credit" that applied to first time buyers (and those who have not owned for the past three years). The credit was actually paid back in $500.00 increments each tax year.
Ask your Chicago Lender how this credit would help your ability to purchase a home.