Insured against flood damage.  Congressman Forbes supported the Flood Insurance Reform Priorities Act of 2010 (H.R.5114), which extends the National Flood Insurance program through the year 2015.  This program is not only the largest single-line property insurer in America, it also takes a proactive approach to preventing future flood damage.  This bill passed the House by a vote of 329-90.

Improved homebuyer tax credits.  Congressman Forbes supported the Homebuyers Assistance and Improvement Act of 2010 (H.R.5623), which extends the availability of the $8,000 homebuyer tax credit for three months for purchasers who have a contract signed by May 1, 2010.  This bill passed the House by a vote of 409-5.

Preserved the independence of disabled citizens.  Congressman Forbes supported the Independent Living Centers Technical Adjustment Act (H.R.5610), which ensures that federal funding for independent living centers will not be cut.  These facilities help individuals living with a disability to achieve equality and full inclusion in society.  This bill passed the House by a voice vote.

Protecting homebuyers in need of flood insurance.  Congressman Forbes supported the National Flood Insurance Program Extension Act of 2010 (H.R.5569), which allows potential homeowners to access the national flood insurance program often required of them.  This bill extends the insurance support program until September 30, 2010, effectively covering most of hurricane season.  This bill passed the house by a voice vote.

Recognized the importance of homeownership.  Congressman Forbes supported a resolution (H.Res.1434) that recognizes the role homeownership plays in building strong communities and in promoting economic growth.  This resolution passed the House by a vote of 405-6.

Required full disclosure from calling card manufacturers.  Congressman Forbes supported the Calling Card Consumer Protection Act (H.R.3993),  which requires calling card companies to provide prominent access to information about per-minute rates, fees, and charges.  This bill passed the House by a vote of 381-41.

Insured the continued viability of FHA loans.  Congressman Forbes voted to support the Federal Housing Administration Reform Act of 2010 (H.R.5072), which will ensure that FHA loans continue to serve the American people.  The bill will contribute to greater stability in the mortgage market and represents a cost savings to the federal government.  This bill passed the House by a vote of 406-4.

Supported the continuation of rural housing programs.  Congressman Forbes voted to support the Rural Housing Preservation and Stabilization Act of 2010 (H.R.5017), which would permit the U.S. Department of Agriculture to set fees to cover the costs of the rural housing loan program.  This bill passed the House by a vote of 352-62.

Extended and expanded tax credits for homebuyers. Congressman Forbes voted for H.R. 3548 to extend the $8,000 first-time homebuyer tax credits until April 30, 2010. The credits were previously scheduled to expire on November 30, 2009. The bill would allow individuals to claim the tax credit for purchases in 2010 on their 2009 tax returns, meaning the credit could be received quickly. In addition, the bill added a $6,500 credit for current homeowners, as long as they have lived in their current homes for five consecutive years. The bill also raised the qualifying income cap from $75,000 for individuals and $150,000 for married couples, to $125,000 and $225,000, respectively. According to the Joint Committee on Taxation, the bill is revenue neutral and is paid for through a number of offsets.  This legislation passed by a vote of 403 -12.   

Supported families affected by contaminated drywall. Congressman Forbes cosponsored H. Con. Res 197, which encourages banks and mortgage brokers to work with the families who have been affected by contaminated drywall in their homes. The Chinese drywall was used in many homes across the United States and has been proven to cause corrosion of pipes and wiring, and possible health risks. Rep. Forbes is a member of the Congressional Dry Wall Caucus.

Supported relief for homeowners with toxic drywall. Congressman Forbes supported an amendment to H.R. 3854 allowing the Small Business Administration to provide federal, low-interest disaster relief loans to homeowners for the repair or replacement of toxic drywall manufactured in China. The Chinese drywall was used in many homes across the United States and has been proven to cause corrosion of pipes and wiring, and possible health risks. Some officials believe the only way to solve the problem is to remove walls, studs, and wiring. This amendment was passed by voice vote. 

Supported fairness in home appraisals. Congressman Forbes cosponsored H.R. 3044 to postpone implementation of the Home Valuation Code of Conduct (HVCC) for 18 months.  The HVCC is a series of new regulations required by Fannie Mae and Freddie Mac, which significantly disadvantages independent appraisal companies and in-house appraisal companies by forcing them to partner with Appraisal Management Companies whose employees can lack local knowledge necessary for accurate appraisals.  The HVCC was intended to combat inflated home appraisals by creating professional distance between mortgage lenders and home appraisers.  Unfortunately, the implementation of the HVCC significantly disadvantages many appraisers who have not been accused of any wrongdoing.  H.R. 3044 would suspended the HVCC until a more equitable solution can be reached.    

Extending homebuyer tax credits for troops.  Congressman Forbes supported the Service Members Home Ownership Tax Act of 2009, H.R. 3590. H.R. 3590 mirrors the Bring Assistance to Heroes (BAH) Act, introduced by Forbes, to extend the 2009 first-time homebuyer tax credit for one year to any service member that has served on extended duty overseas during the first 11 months of 2009. The legislation would also waive the recapture requirement for service members called to deploy after purchasing a home.  This bill passed the House by a vote of 416-0.

Congressman Forbes introduced legislation to ensure deployed service members are not excluded from the opportunity to take advantage of first-time homebuyer tax credits. H.R.3389, the Bring Assistance to Heroes (BAH) Act of 2009 would extend the $8,000 first-time homebuyer federal tax credit for one calendar year to any service member that served on qualified official extended duty at any time during the first 11 months of 2009.  The bill would also waive the recapture requirement for service members called to deploy after purchasing a home.

Supported permitting rural homeowners to refinance their loans.  Congressman Forbes supported H.R. 2034, the Rural Homeowners Protection Act, to permit refinancing of certain loans under the Rural Housing Service program for guaranteed loans for rural housing. Currently, rural families who obtain a mortage from a private lender for a single-family residence are not permitted to refinance their loans through the Rural Housing Guaranteed Loan Program. This bill would make rural families who meet current income and geographic criteria eligible to refinance their private home loans through the program.  This bill passed the House by voice vote.

Provided housing opportunities to individuals with disabilities. Congressman Forbes voted for H.R. 1675, to modify housing requirements under the National Affordable Housing Act in order to expand the supply of supportive housing for low-income persons with disabilities.  This bill passed the House by a vote of 376-51. 

Discussed the current state of the real estate industry in the Fourth District. Congressman Forbes met with the Southside Virginia Association of REALTORS® to discuss the current state of the real estate industry in the 4th Congressional district, and the specifics of President Obama’s Making Home Affordable Refinancing program.Supported legislation to halt home foreclosures.

Congressman Forbes voted for S. 896, which would implement programs to encourage loan modifications for delinquent mortgages. The bill also changes the $300 billion Hope for Homeowners Program in an attempt to increase participation. The program, which Congressman Forbes did not support when passed by Congress last July, was touted to help up to 400,000 homeowners modify their loans. Today, less than 100 mortgages have been processed and modified under the program. S. 896 would provide incentive payments to mortgage servicers under the program to encourage participation and expand the number of homes that could be kept out of foreclosure.  

Supported safeguards against predatory mortgage lending. Congressman Forbes voted for H.R. 1728, which creates mortgage loan standards for lenders and places limits on high-cost mortgages. For example, the bill would require mortgage brokers to be licensed and registered, would prohibit lenders from steering consumers into higher-cost loans when they qualify for more affordable ones, and would require lenders to verify basic financial information of potential buyers to ensure they can adequately repay the loan.  Additionally, this bill would require that tenants living in foreclosed properties be given 90 days notice before being required to vacate.  

Called for an independent investigation of Chinese drywall. Congressman Forbes cosponsored H.R. 1977, to require the Consumer Product Safety Commission (CPSC) to study drywall imported from China in 2004 through 2007. There are an estimated 35,000 homes that have reported safety and fire hazards caused by Chinese drywall installed over the last few years. The drywall has been known to emit foul-smelling sulfuric odors and gases that are corroding copper electrical wire in homes and may be responsible for chronic health problems. There have been reports of homeowners developing bronchitis, pneumonia, and other respiratory illnesses. This bill would require the CPSC to examine whether new safety standards are necessary to ensure drywall is safe and would establish an immediate ban on drywall shown to be hazardous.

Provided funding for job-training and financial counseling for low-income families. Congressman Forbes voted for H.R. 46, which would expand the availability of family self-sufficiency (FSS) programs by ensuring that local public housing authorities have the coordinator funding necessary to administer FSS programs and better serve their populations. FSS programs provide homeownership counseling, job training, child care, education and other services to help low-income families reduce their dependence on public assistance.

Voted to oppose H.R. 1106, which would allow bankruptcy judges to modify the terms of mortgages under bankruptcy filings.  This legislation would empower judges to force reductions in mortgage principal (commonly called “cram-down”), prohibit or delay interest rate adjustments, reduce interest rates, and extend maturity dates up to 40 years from the date of the mortgage origination.  Additionally, this legislation would remove the current mandatory credit counseling requirement, which is often the last chance for borrowers and lenders to come to an agreement before bankruptcy proceedings begin.  Permitting modification of mortgages on primary residences under Chapter 13 would have serious negative implications for future residential real estate financing.  Lenders will inevitably tighten their lending requirements and increase the costs associated with borrowing funds.  

    --Voted to support an amendment that would have allowed lenders to recover the amount of principal lost under a court-modified mortgage if a homeowner later sold the home at a profit. The amendment was defeated, 211-218.   

    --Voted to support an amendment that allows a debtor whose home is in foreclosure to meet pre-filing credit counseling requirements by receiving counseling either before foreclosure filing or 30 days thereafter. The underlying legislation eliminates pre-filing credit counseling requirements for debtors who are being foreclosed upon.  The amendment passed, 423-2.

Supported H.R. 3019, the Expand and Preserve Home Ownership Through Counseling Act. This bill would establish an Office of Housing Counseling to coordinate efforts to provide counseling on homeownership and rental housing issues. The bill would also provide grants to entities for providing such counseling, and launch a national housing counseling advertising campaign to help encourage consumers to make smart financial decisions.

Supported H.R. 5772, the Frank Melville Supportive Housing Investment Act of 2008. This bill would improve the program for supportive housing for persons with disabilities under the Department of Housing and Urban Development by revising eligibility requirements and encourage coordination with state and local housing authorities.

Supported a Motion to Instruct Conferees on S. 2062, the Native American Housing Assistance and Self-Determination Reauthorization Act of 2007.  This motion would include a provision in the Senate’s version of this bill making the development and rehabilitation of utilities eligible as affordable housing activities under the Indian Housing Block Grant Program.

Opposed H.R. 3221, the American Housing Rescue and Foreclosure Prevention Act.  This bill constitutes an overhaul of the U.S. housing finance system.  While it included needed reforms to the Federal Housing Administration and increased regulatory authority over Fannie Mae and Freddie Mac, Congressman Forbes opposed the bill because it constituted a bailout of the institutions at a cost of $25 billion to taxpayers.  Additionally, the bill would provide $4 billion to state and local governments to purchase and renovate foreclosed properties, create two new affordable housing trust funds, and increase the statutory limit on the federal debt by $800 billion to pay for the bailout.  Congressman Forbes released the following statement after voting against the bill: “Raising the federal debt limit by $800 billion so taxpayer dollars can be used to bailout and reward risky behavior is neither responsible nor fair. When the U.S. government is already in a precarious financial position, we should be making more fiscally responsible decisions than assuming an $800 billion liability in the form of mortgage debt. Instead, we must address the housing issue in a way that guarantees fairness to all homeowners.”  Congressman Forbes has cosponsored H.R. 5857, the Homeownership Protection and Housing Market Stabilization Act of 2008.  This bill complements current public and private efforts to help homeowners who are at risk of losing their homes, while also protecting homebuyers from predatory lending practices in order to prevent future problems. 

Supported H.R. 6309, the Lead-Safe Housing for Kids Act. This bill increases monitoring of lead-based paint hazards in housing, and lowers the level of lead found in a child’s blood that can trigger environmental intervention. It also allows for the examination of toys and materials in the affected child's environment that are likely to contain lead. 

Supported H.R. 2851, Michelle's Law.  This bill would ensure that dependent students who take a medically necessary leave of absence do not lose health insurance coverage.

Supported H.R. 6216, the Asset Management Improvement Act.  The bill seeks to reduce bureaucratic red tape by exempting Public Housing Authorities (PHAs) with 500 units or less from keeping accounting records unit-by-unit and project-by-project.  Instead, the PHAs would be able to report their finances based on their entire portfolio of housing units. 

Supported H.R. 4461, the Community Building Code Amendment Grant Act, which seeks to make buildings safer by creating a Federal grant program to assist local building code enforcement agencies monitor and enforce local building codes.

Cosponsored H.R. 5857, the Homeownership Protection and Housing Market Stabilization Act of 2008, which would help struggling homebuyers by instituting long-overdue reforms to the Federal Housing Administration, updating regulation of Fannie Mae and Freddie Mac, and providing homebuyers with access to better information through improved disclosures for borrowers and increased support for financial counseling.  This bill would also improve the integrity of the appraisal process and address mortgage appraisal fraud, and strengthen current mortgage fraud prevention efforts.  In addition, this legislation would help veterans by temporarily raising loan limits for VA housing loans, and doubling foreclosure protections for returning veterans.  The bill addresses the housing crunch by putting the needs of homeowners who are truly victim first, and without raising taxes or rewarding irresponsibility.

Opposed H.R. 3221, the American Housing Rescue and Foreclosure Prevention Act of 2008, which included a series of provisions to prop up the struggling U.S. housing market—including an overhaul of mortgage finance giants Fannie Mae and Freddie Mac, a modernization of the Federal Housing Administration (FHA), an expansion of the FHA’s loan guarantee program, and a housing-focused tax measure.  It would also give the FHA $300 billion to insure refinanced loans for borrowers struggling to afford their current mortgage, and it would authorize $230 million for financial and legal counseling.  Although Rep. Forbes supports some provisions in this bill, such as reforming the FHA, increasing financial literacy, and providing counseling for struggling homeowners, this legislation could delay economic recovery since it creates incentives for homeowners to declare bankruptcy rather than to work out the terms of their loans with their lenders. 

Opposed H.R. 5818, the Neighborhood Stabilization Act of 2008.  This bill would have created a massive new taxpayer-funded loan and grant program aimed at stabilizing areas hard hit by foreclosures by providing $15 billion to states for purchasing and rehabilitating foreclosed properties.  Rep. Forbes opposed this legislation because it would constitute a costly bailout for lenders and speculators at a cost of billions of dollars to responsible homeowners, while not addressing the underlying problems in the housing industry.  Rather, Rep. Forbes believes H.R. 5857,  the Homeownership Protection and Housing Market Stabilization Act of 2008, can provide genuine, long-term stability to the housing market.

Supported H.R. 5937, to facilitate the preservation of certain affordable housing dwelling units.  This bill would authorize the Department of Housing and Urban Development (HUD) to work with local housing authorities to convert certain multi-family housing units to public affordable housing.

Cosponsored H.R. 643, the Collegiate Housing and Infrastructure Act of 2007. Under current tax law, only colleges and universities may use tax-deductible charitable contributions to make improvements to student residence halls as well as common areas and dining facilities used by college students. The not-for-profit student housing market, which includes community, Greek and faith-based organizations, providing housing for several hundred thousand college students nationwide, cannot use tax-deductible charitable contributions to make similar improvements for the same student population. The not-for-profit student housing market, therefore, often lacks the resources needed to maintain their housing. H.R. 643 would eliminate the difference in treatment of charitable contributions made to improve student housing on college campuses nationwide.