Washington Post (06/18/08) P. D2; Montgomery, Lori
The Senate could begin debating a housing bill, parts of which already have been okayed by lawmakers in the House or Senate, as early as June 18. The legislation aims to prevent more than 400,000 borrowers from entering foreclosure by allowing them to refinance their nontraditional mortgages through the FHA, and a compromise between Senate Banking Committee Chairman Christopher Dodd, D-Conn., and Sen. Richard Shelby, R-Ala., would pay for the refinancing program with some of the money from a low-income rental housing fund created under the bill. Additionally, the bill calls for $14 billion in tax incentives for homeowners, affordable housing developers and victims of Hurricane Katrina that would be doled out over a decade as well as an $8,000 tax credit for certain first-time home buyers.
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