photo by cliff1066 (cc-by)
Treasury Secretary Timothy Geithner urged Congress to pass an extension to the First Time Homebuyers Tax Credit and two other important housing measures.
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Geithner along with HUD Secretary Shaun Donovan say that the government can help Americans by passing a law extending the tax credit, which is set to expire November 30.
So far, the tax credit has created some stability and even stoked some price gains in the battered housing market. Geithner says, the tax incentive brings new families into the market, a big reason that housing has experienced three months of positive growth.
Congress is also considering two other housing laws. The first would extend the deadline for current mortgage loan limits. That deadline would occur on December 31 if no extension is enacted. Such an extension would preserve the current limits and help keep rates affordable.
The second measure would provide funding to the government’s Housing Trust Fund. That program is tasked with aiding low income families who cannot afford housing. A lack of funding has prevented implementation of the program leaving renters without much needed assistance.
I am currently in a very bad situation…and how can I get grant money if, my credit is poor?