Congressman Home : News Releases  

 ~ About David Dreier
 ~ The 26th District
 ~ 21st Century Economy
      - Science & Technology
      - International Trade
      - Economic Growth
 ~ Sponsored Legislation
 ~ Local Initiatives
 ~ Constituent Services
 ~ Visiting Washington
 ~ Monthly Commentary
 ~ News Releases
 ~ Committee on Rules
 ~ In the Press
 ~ Currently on the Floor
 ~ The House This Week



Washington Office
233 Cannon HOB
Washington, DC 20515
(202) 225-2305
District Office
510 East Foothill Boulevard
Suite 201
San Dimas, CA 91773
Office (909) 575-6226
Toll Free (888) 906-2626
Fax (909) 575-6266


- Privacy Policy -
News Releases
Dreier Introduces Economic Recovery Through Responsible Home Ownership Act

December 10, 2008

WASHINGTON, DC - Congressman David Dreier (R-San Dimas, CA) today introduced legislation aimed at incentivizing responsible home ownership and unclogging the glut of unsold homes currently serving as a drag on our economy.  The Economic Recovery Through Responsible Home Ownership Act, H.R. 7325, would provide temporary tax credits for home buyers who provide responsible down payments on the homes they purchase.  Congressman Dreier plans to introduce the legislation again at the start of the 111th Congress in January.

“Home ownership is the foundation of the American dream, but our current economic crisis is arguably the result of too many people buying homes they could not afford and irresponsible lenders who took advantage of them,” Dreier said.  “As a result, hardworking families are having a harder time being able to purchase a home and unsold homes are sitting on the market.  What’s needed is a temporary incentive for responsible home purchases with a significant down payment.  This will achieve two things.  First, it will help families who want to make a purchase and second, it will help get the real estate market moving again.”

The bill will create a new tax credit for 2009 and 2010 for every home purchase made with a down payment of at least 10 percent.  A home buyer making a down payment of 10 percent will receive a $5,000 tax credit.  A home buyer making a down payment of 15 percent will receive a $10,000 tax credit.  The credit will be available to all home buyers, not just first time buyers.  In order to prevent speculators from taking advantage of the incentive, home buyers who do not maintain ownership of the home they purchase for at least three years will have to repay the tax credit in full.

Dreier said responsible lending and borrowing will be key to a long term economic recovery.  “As we get our economy and the real estate market back on its feet, we should take steps to reward those who responsibly put equity into their homes with significant down payments.  I believe this bill will do that.”             

Please click here to view a copy of the legislation.