President signs housing stimulus bill


Today President Bush signed into law the Housing and Economic Recovery Act of 2008 (HR 3221). The measure provides housing organizations with a number of new tools to help slow home foreclosures and finance affordable houses and apartments.

The new legislation is a major step forward for Vermonters and the nation, according to our Executive Director Sarah Carpenter, but the work isn't finished yet.

"The provisions to help homeowners in trouble and to stabilize Fannie Mae and Freddie Mac got a lot of attention recently," Sarah said, "but the benefits of this legislation reach much farther.

"A new housing trust fund is created by this bill, and the federal government has given housing finance agencies more resources to support affordable housing. But we need to work on many details with our Congressional delegation and our partners in Washington to make sure we can use these resources most effectively."

Read our full press release about the Housing and Economic Recovery Act.