Saturday, March 21 2009
Housing Takes Its Legislative Message to Congress
On Tuesday, March 24, members of the National Association of Home Builders (NAHB) will be in Washington to convey to Congress the priority legislative issues of the housing industry.
The central message that builders will be carrying to Capitol Hill is the need for Congress and the Administration to focus on the state of the housing economy and measures that can be taken to ensure that housing and housing's economic recovery remain at the top of the federal agenda. Along these same lines, builders will be addressing financial practices and policy proposals that run contrary to this message; namely AD &C lending restrictions and endangered housing tax incentives.
The AD & C lending crisis has become an increasingly pervasive problem in the home building industry. Builders and developers are facing excessive credit restrictions, where lenders are cutting off loans for viable new housing projects and producing unnecessary foreclosure and losses on AD& C loans. Overly conservative appraisals are limiting sales and refinance opportunities and exacerbating pressure on outstanding mortgage and housing production loans.
To read more about the AD & C lending crisis, click here.