Dreier legislation draws support
SAN DIMAS - Rep. David Dreier, R-San Dimas, House Rules Committee Ranking Republican, on Thursday welcomed the endorsement of his legislation aimed at ending the housing crisis by the Citrus Valley Association of Realtors.
Dreier introduced The Economic Recovery Through Responsible Homeownership Act of 2009, H.R. 101, last month and has been pushing for a similar provision to be included in the stimulus bill currently being debated in Congress.
H.R. 101 creates a new tax credit for 2009 and 2010 for every home purchase made with a down payment of at least 5 percent. Under the legislation, prospective home buyers will be eligible for three different tax credits based on the size of their down payment. A home buyer making a down payment of 5 percent will receive a tax credit of $2,000, while a home buyer making a down payment of 10 percent will receive a tax credit of $5,000 and a home buyer making a down payment of 15 percent will receive a credit of $10,000.
