|
Manufactured Housing Institute Urges Congress to Pass H.R. 3221
By James Comtois
WASHINGTON-The Manufactured Housing Institute recently commended senators Christopher Dodd, D.-Conn., and Richard Shelby, R.-Ala., for their bipartisan efforts to include FHA Title I (home only) reform legislation and Title II reforms in the Senate Housing Stimulus Bill, H.R. 3221. The group is urging Congress to pass the bill.
According to the MHI, these additions to the bill will make it easier to finance manufactured homes subject to long-term leaseholds and manufactured home condominiums.
"The inclusion of these provisions is significant to our industry," said Gail Cardwell, president of MHI. :We urge Congress to pass the bill and call for President Bush to sign the bill into law to provide needed stimulus to the housing market."
MHI supports other provisions in H.R. 3221, such as the extension of net operating loss carryback, which extends the law allowing for corporations to apply excess net operating losses to tax returns from prior profitable years and receive any applicable returns. For 2008 and 2009 losses, the provision would extend the NOL carryback to four years instead of the current two years.
MHI also supports the tax credit for the purchase for a home in foreclosure, because it encourages the purchase of homes in foreclosure and homes where foreclosure has been filed.
The institute also advocates the additional standard deduction for real property taxes for non-itemizers. The provision provides $500 for single filers and $1,000 for joint filers, of which there are 28.3 million people filing as non-itemizers. Currently, only those who itemize deductions on their Federal tax returns can deduct state and local property taxes from their income. This provision, according to MHI, will significantly aid lower-income homeowners.
Additionally, MHI continues to oppose senator Richard Durbin's, D.-Ill., bankruptcy cramdown provisions. This would allow a judge to reduce the secured portion of the loan to current market value.
More subprime news
| 
