Chambliss Applauds Passage of Legislation to Stabilize Housing Market

WASHINGTON – U.S. Senator Saxby Chambliss, R-Ga., today made the following statement following passage of the Foreclosure Prevention Act of 2008, HR 3221, which passed the Senate by a vote of 88 to12. Chambliss was a co-sponsor of a provision included in the legislation authored by U.S. Senator Johnny Isakson, R-Ga., to provide a $7,000 tax credit over two years for the purchase of a foreclosed home or a home that is pending foreclosure. A similar tax credit was invoked by Congress in the mid-1970s, when the housing market was in a similar crisis.

“This legislation is a step in the right direction toward addressing the current housing crisis and providing incentives for people to get in the market. I was in Dalton, Georgia, recently, and the effects the housing crisis has had on our businesses and families are very real. Purchasing a home is part of the American dream, and I’m pleased Senator Isakson’s tax credit provision was included in the legislation passed today. Georgians are looking to members of Congress to work together to address the challenges families are facing in a responsible way, and I believe this is a good example of results that can be achieved when we do just that.”