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Housing

“Homeownership is a basic part of the American Dream, and I am committed to ensuring that everyone has a roof over their head.  I am working to keep Americans in their homes even during problem periods in our housing market and our economy, because foreclosure is bad for residents, families and neighborhoods.”

Crowley Works to Increase Homeownership

• Helped enact a $7,500 refundable tax credit, which works like an interest-free loan to encourage people to purchase a home, in the American Housing Rescue and Foreclosure Prevention Act that became law in July 2008.

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• Ensured that the American Dream Downpayment Act, which provides Federal grant funds to the New York City Office of Housing Preservation and Development, was drafted not to discriminate against large cities like New York.
• Provided home purchasers access to easier and more affordable credit for homes by successfully increasing the “conforming” loan limit for an individual home mortgage to $625,000 in New York City through the American Housing Rescue and Foreclosure Prevention Act.

Crowley is Helping to Prevent Foreclosures and Keep People in their Homes

• Helped pass into law the HOPE for Homeowners Act of 2008, which provides government-backed loans to assist homeowners on the brink of foreclosure and help them refinance their homes into lower-cost mortgages.
• Encouraging the U.S. Treasury to expand its foreclosure prevention programs in order to keep the estimated 7 million Americans with housing finance problems in their homes and paying their mortgages, which would be beneficial to the homeowner and the entire community.
• Added language to the Emergency Economic Stabilization Act of 2008 to ensure that the Federal government undertakes any step possible to keep people who are facing foreclosure in their homes.

Crowley Combating Predatory Lending

• Voted for the HOPE for Homeowners Act of 2008, which takes action to prevent future abuses by lenders. This package will establish a nationwide licensing and registration system to set minimum standards for all residential mortgage brokers and lenders in an effort to curb abusive lending practices.
• Encouraged the Federal Reserve to use its powers of regulation to eliminate the worst abuses in predatory lending.

Crowley Working to Create More Affordable Housing in New York City

• Amended the tax code in the HOPE for Homeowners Act of 2008 to increase incentives to encourage the development of more units of low and moderate income housing in New York City.
• Voted for legislation to create a national Affordable Housing Trust Fund to fund the development of middle-income housing in New York City, allowing City workers and office employees to both work and live in New York City.
• Ensured an investment of $4 billion to communities nationwide to purchase foreclosed homes in order to stabilize neighborhoods and stem the significant losses in home values of neighboring homes.