Housing

Instability in the housing and mortgage markets has adversely impacted families in New Hampshire and across the nation.  As a member of the Senate Finance Committee and former member of the Senate Committee on Banking, Housing, and Urban Affairs, John has supported Senate-approved measures to help struggling homeowners and made help available for first time homebuyers and those who may be dealing with refinancing or foreclosure. Taxpayers shouldn’t bail out investors or speculators who made risky bets, but it is in everyone’s interest to bring stability to the housing market and avoid a widespread meltdown in the economy.

John’s record includes support for “The Foreclosure Prevention Act” – comprehensive bipartisan legislation which aims to bring stability to the housing market without a taxpayer funded bailout. The legislation helps struggling homeowners hard-hit by foreclosures, reforms the oversight of government sponsored enterprises Fannie Mae and Freddie Mac, provides a refundable tax credit for first-time homebuyers to help reduce the existing housing stock and provide stability to the market, strengthens mortgage disclosure requirements, and increases the standard property tax deduction for those who pay property taxes but do not itemize deductions on their federal returns. Moreover, the bill overhauls the Federal Housing Administration (FHA) to provide better mortgage options for low-income and first-time homebuyers as well as affordable refinancing options for those who already own homes. The tax credit for buyers of foreclosed properties will help reduce the inventory of unsold homes and stabilize home prices.

In 2008, John also hosted free Saturday morning Home Mortgage Workshops in Manchester, Nashua, Concord, and Lancaster. These forums provided participants with the ability to meet face to face with representatives from federal agencies, banks, and community support organizations, receive one-on-one mortgage counseling and be provided with the latest information on programs and initiatives regarding mortgages, and foreclosures.

Additionally, John has been recognized for his dedication to housing issues, which includes supporting low-income housing for families and seniors, and reducing the regulatory burden on public housing authorities.