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Nehemiah Corporation

September 16th, 2008 9:10 PM

H.R. 6694 Will Move to the Floor for a Full Vote

Washington, DC - September 16, 2008
By: Nehemiah Corporation of America

A Bill that would save seller-funded downpayment assistance from being eliminated on October 1 passed the House Financial Services Committee today on a voice vote amidst strong bipartisan support. The Bill, The FHA Seller-Financed Downpayment Reform and Risk-Based Pricing Authorization Act of 2008, or H.R. 6694, is expected to move to the floor for a full vote in the coming days.

"We continue to believe that reinstating downpayment assistance (DPA) will ensure that working-class families that have nowhere else to turn for help will still be able to own a home," said Scott Syphax, president and CEO of the Nehemiah Corporation of America, the largest and oldest provider of downpayment assistance. "The strong bipartisan support demonstrated during today's hearing speaks to the growing sentiment that the original Housing Bill was wrong to ban DPA. As H.R. 6694 continues to move through the House and onto the Senate, we urge members of Congress, like so many others, to vote to 'amend - not end' these important programs and correct the mistake made through the initial ban."

The October 1 ban was written into law by President Bush when he signed H.R. 3221 Housing and Economic Recovery Act of 2008 on July 30, 2008. H.R. 6694 was introduced in the House of Representatives by Congressmen Green, Miller and Shays and Congresswoman Waters on July 31, 2008. If enacted into law, it will allow downpayment assistance to continue indefinitely

Posted by Appraisals Unlimited on September 16th, 2008 9:10 PMPost a Comment (0)

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Department of Revenue

September 23rd, 2008 7:02 PM

In an opinion letter issued today to the Florida
Association of Realtors, the Department of Revenue ruled
that "when the lender cancels indebtedness of the seller,
that cancellation is not included in determining the amount
of consideration subject to tax under Section 201.02,
Florida Statutes."

Short of it: doc stamps will be based on the purchase
price, not loan amount amount that is being forgiven.
So it is back to business as usual, folks! Don't let
short sales scare you ... they will be here for years to come!

Posted by Appraisals Unlimited on September 23rd, 2008 7:02 PMPost a Comment (0)

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