[Congressional Record (Bound Edition), Volume 157 (2011), Part 1]
[Extensions of Remarks]
[Pages 609-610]
[From the U.S. Government Publishing Office, www.gpo.gov]




  LET'S HELP ALL AMERICANS ACHIEVE THE AMERICAN DREAM OF HOMEOWNERSHIP

                                 ______
                                 

                            HON. BOB FILNER

                             of california

                    in the house of representatives

                        Monday, January 24, 2011

  Mr. FILNER. Mr. Speaker, I recently introduced the Homebuyer Tax 
Credit Renewal Act of 2011 (H.R. 330), which will reinstate both the 
$8000 first-time homebuyer credit and the $6500 long-time homebuyer 
credit for a period of 1 year.
  According to the Internal Revenue Service (IRS), 479,622 homebuyers 
claimed the credit in 2009. While the numbers for 2010 are not yet 
available, there is no doubt that the tax credit was instrumental in 
helping many first-time buyers achieve the American dream of 
homeownership by increasing down-payments and lowering monthly mortgage 
payments.
  Homeownership is one of the best ways for working Americans to 
accumulate assets for retirement and to ensure neighborhoods are stable 
and well-maintained. Homeowners are also able to benefit from tax 
deductions like the mortgage interest and property tax deductions.
  Homeownership also benefits children in numerous ways. Children of 
homeowners score better on academic tests, graduate at a higher rate, 
have fewer behavioral problems, and enjoy a better social environment. 
Living in an owned home is also a predictor of future success, as 
homeowners' children earn more

[[Page 610]]

than renters' children, are less likely to be on welfare, and are more 
likely to become homeowners themselves.
  I hope that my colleagues will join me in co-sponsoring this 
important legislation

                          ____________________