[Congressional Record Volume 154, Number 84 (Wednesday, May 21, 2008)]
[Extensions of Remarks]
[Page E984]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




             H.R. 5720--THE HOUSING ASSISTANCE ACT OF 2008

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                            HON. BILL FOSTER

                              of illinois

                    in the house of representatives

                         Tuesday, May 20, 2008

  Mr. FOSTER. Madam Speaker, I am submitting this statement to record 
my strong and enthusiastic support for H.R. 5720, the Housing 
Assistance Act of 2008.
  As everyone knows we are facing a foreclosure crisis the likes of 
which have not been witnessed since the Great Depression. According to 
RealtyTrac, a site that tracks foreclosure data, there were a total of 
a little over 2.2 million foreclosure filings--default notices, auction 
sale notices and bank repossessions last year, up an astronomical 75 
percent from the previous year. In addition, more than 1 percent of all 
U.S. households were in some stage of foreclosure last year.
  My home State of Illinois has not been immune to the crisis. Again, 
according to the latest statistics from RealtyTrac, there were almost 
91,000 foreclosure filings last year, an increase of over 25 percent 
from 2006 and an increase of over 94 percent from 2005.
  This common-sense legislation has many provisions designed to spur 
the sagging real estate market. First and foremost, this bill would 
provide first-time home buyers with assistance in making a down payment 
on a home by providing these individuals with a refundable tax credit 
that is equivalent to an interest-free loan equal to 10 percent of the 
purchase price of their home, up to $7,500.
  Moreover, the bill helps struggling taxpayers. Specifically, the bill 
would provide home owners who claim the standard deduction with an 
additional standard deduction for State and local real property taxes. 
The maximum amount that may be claimed under this provision is $350, 
$700 for joint filers.
  I have introduced a similar proposal H.R. 5790, the Universal 
Homeowner Tax Cut Act of 2008. This bill would allow taxpayers who do 
not itemize a deduction for State and local real property taxes. I 
fully support providing these hard-working Americans tax relief and I 
hope some version of real property tax relief is enacted this year.
  In addition to these core provisions, the bill contains other 
provisions regarding mortgage revenue bonds and tax simplification 
designed to spur homeownership.
  This bill, in conjunction with a slew of bills that the House passed 
last week designed to stem the foreclosure crisis and restore the 
housing markets, will help us weather these turbulent economic times.
  I support this bill and hope Congress will expeditiously send it to 
the President for his signature.

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