FOR IMMEDIATE RELEASE
February 5, 2009

Contact: Scott Overland, 202-224-4041

CT Realtors and Homebuilders Praise Lieberman Homebuyer Tax Credit Amendment

WASHINGTON, D.C. - Representatives from the Connecticut Association of Realtors and the Home Builders Association of Connecticut today praised the inclusion of the Lieberman-Isakson Homebuyer Tax Credit in the American Recovery and Reinvestment Act. The proposal, introduced by Senator Joe Lieberman (ID-CT) and Senator Johnny Isakson (R-GA), would double the maximum size of the homebuyer credit from $7,500 to $15,000 and remove several unnecessary restrictions that have deterred homebuyers and limited the usefulness of the credit.

"The Realtors of Connecticut thank Senator Lieberman for his efforts in passing this legislation in the Senate which will increase the homebuyer tax credit, expand the number of people eligible for it and expand the time available to use it. It is good news at a time when such measures are needed. If signed into law, these initiatives will boost home ownership, home sales, and the economy," said Linda St. Peter, President of the Connecticut Association of Realtors, Inc.

"Senator Lieberman's expanded home buyer tax credit will provide the spark that's needed to get prospective home buyers off the fence and back into the marketplace" said Greg Ugalde, CT State Rep. to the National Association of Home Builders. "This, in turn, will enable housing to restore confidence among consumers and in the financial markets and get the nation's economy moving again."

"The additional incentive that this tax credit will provide to potential homebuyers is vital to reenergizing the real estate market in Connecticut," said Senator Lieberman. "I will continue to work with my colleagues in the Senate to ensure that this tax credit is included in the final economic recovery package."

An analysis by the National Association of Home Builders projects that the Isakson-Lieberman homebuyer tax credit amendment will have the following economic benefits in the first year after enactment:

• Increase home purchases by 499,700 homes,
• Create more than 255,000 jobs,
• Generate $12.3 billion in wages and salaries and $9.7 billion in business income, and
• Yield tax revenues of $6.6 billion for the federal government and $2.1 billion for state and local governments.