Berkley Works To Pass Housing Help Bill
Foreclosure Aid for NV
Families, $7,500 First Time Homebuyer Credit
Congresswoman Shelley Berkley spoke on the House floor in
favor of legislation to address America’s mortgage crisis and the housing market
slowdown. The package of bills will aid Nevadans
facing the loss of a home, help families avoid future foreclosures, and deliver
incentives designed to get empty homes off the market and into the hands of new
owners. The House is currently debating the housing help package supported by
Congresswoman Berkley.
“This package will deliver help to families facing the loss
of a home to foreclosure and will provide up to $7,500 in tax credits for first
time homebuyers. We know families in the Las Vegas Valley are struggling with
high mortgage payments and this legislation will provide new opportunities to
help them refinance their home loans,” said Berkley. “Qualifying homeowners
will also be able to deduct up to $700 from their 2008 property taxes under a
provision in this package I helped pass in the House Ways and Means Committee.
Providing this standard deduction will help taxpayers who don’t itemize to save
on their property taxes,” said Berkley.
As a Member of the House Committee on Ways and Means,
Berkley has championed a provision that would provide up to $7,500 in tax
credits for first time homebuyers.
“Nevada has had the highest statewide foreclosure rate for
well over a year, and this surge in foreclosures has led to huge inventories of
unsold homes. Providing up to $7,500 in tax credits for first-time homebuyers
creates a great incentive to get families into properties that are currently
sitting vacant due to foreclosure or that have been sitting on the market for
long periods of time,” said Berkley.
KEY HOUSING HELP
PROVISIONS
-
Provides mortgage refinancing assistance to keep families from losing their
homes, protects neighboring home values, and helps stabilize the housing
market.
-
Gives first-time homebuyers a refundable tax credit that works like an
interest-free loan of up to $7,500 (to be paid back over 15 years) to spur
home buying and stabilize the market.
-
Expands the FHA program so borrowers in danger of losing their home can
refinance into lower-cost government-insured mortgages they can afford to
repay.
-
Supplies states with $10 billion of additional tax-exempt bond authority in
2008 to refinance subprime loans, make loans to first-time homebuyers and to
finance the building of affordable rental housing.
-
Provides taxpayers who claim the standard deduction with up to an additional
$700 standard deduction for property taxes.
-
Increases VA Home Loan limit for high-cost housing areas so veterans have
more homeownership opportunities and helps returning soldiers avoid
foreclosure by lengthening the time a lender must wait before starting
foreclosure, from three months to one year after a soldier returns from
service.
Berkley Announces $1.8 Million
Grant for NV State Veterans Home
Congresswoman Shelley Berkley
announced that the Nevada State Veterans Home in Boulder City has been awarded
more than $1.8 million in federal grant funding for dining facility
modernization.
“This is currently the only
retirement facility of its kind in southern Nevada and these improvements will
help to ensure high-quality dining services are provided to our local veterans
for whom this is home. These funds will cover nearly two-thirds of the
project’s price tag at a time when Nevada’s financial resources are stretched
thin. I am also thrilled to report that we continue to see progress being made
on the construction of the Valley’s first VA medical complex which will be home
to a state-of-the-art long-term care facility that will provide additional care
options for local veterans in need of nursing home services,” said Berkley.
As a Member of the House
Committee on Veterans’ Affairs, Berkley has been instrumental in securing
resources to serve the nearly 250,000 vets who live in the Silver State,
including $600 million in funding for a new VA hospital, outpatient clinic and
long-term care facility set to open in early 2011.
The $1.8 million in grant
funding awarded today will be utilized to renovate the dining facility at the
state veterans home. The VA grant will cover as much as 65% of the project’s
$2.8 million price tag.
The veterans home is owned
and operated by the State of Nevada and receives support from the U.S.
Department of Veterans Affairs. The facility provides skilled nursing services
to veterans, their spouses, and Gold Star parents (For more info:
http://www.veterans.nv.gov/nsvh/NSVH.html).
Berkley Backs Package To Extend Tax Relief,
Clean Energy Incentives
Congresswoman Shelley Berkley
is backing a new legislative package that provides tax relief to Nevada families
and businesses, while encouraging the production and use of renewable energy. A
member of the House Ways and Means Committee, Berkley used her power on the
panel to help push for the inclusion of more incentives for clean power and an
extension of the state sales tax deduction. The Ways and Means Committee is set
to approve the package later today.
“Homeowners, parents,
teachers, small businesses, college students and millions of other Americans
will see a tax savings as a result of this package. Passage of this package will
also ensure that Nevadans will be able to continue deducting state and local
sales taxes. And it will make it easier for more parents to qualify for the
$1,000 refundable child tax credit,” said Berkley.
“Expanding clean energy
incentives will spur the development of solar, wind and geothermal resources and
help to create new green collar jobs in Nevada. The Silver State is turning
green as we continue to focus on harnessing the wind, the sun and natural heat
from inside the Earth to power our homes and businesses. Expanding the use of
renewable energy will also play a key role in allowing the U.S. to move ahead on
addressing global climate change,” said Berkley.
Tax Relief for Nevada
Families and Businesses
·
Extends the
state sales tax deduction, directly benefiting Nevada families
·
Extends
deduction for tuition and other education expenses
·
Extends
deduction for out-of-pocket expenses by teachers
·
Extends the R
and D tax credit for businesses
·
OK’s deduction
of property taxes for non-itemizers
·
Expands the
refundable child tax credit
Expanding Renewable
Power, Increasing Energy Independence
·
Extends solar
energy investment tax credit (ITC)
·
Extends the
production tax credit (PTC) for wind power and energy derived from geothermal,
hydropower, landfill gas, biomass, and solid waste
·
Encourages
energy efficient products, such as plug-in hybrid cars, and provides incentives
for energy conservation in both commercial buildings and residential structures
·
Provides
incentives for the production of renewable fuels such as biodiesel and
cellulosic biofuels
·
Authorizes tax
credit bonds providing State and local government with funds to make energy
conservation investments in public infrastructure and invest in research
