NAR PRESIDENT ISSUES STATEMENT ON 'THE REVENUE ACT OF 1992'
NAR PRESIDENT ISSUES STATEMENT ON 'THE REVENUE ACT OF 1992' WASHINGTON, Oct. 12 /PRNewswire/ -- Following is a statement by Dorcas T. Helfant, president of the National Association of Realtors, regarding the importance of H.R. 11 to the housing industry and national economy. We urge President Bush to sign into law H.R. 11, "The Revenue Act of 1992," so that housing and real estate can take the economy by the hand and pull it to recovery. The real estate industry cannot be expected to lead our recovery until this corrective and stimulative legislation is signed into law. The bill, as passed by Congress and sent to the president for signing, contains a number of provisions that will help to stabilize real estate values and promote home ownership. It is essential that the long-debated and well-thought-out policies embodied in H.R. 11 be put to work immediately. The economy cannot stand to lose any more jobs; it cannot stand to lose one more ounce of consumer confidence; it cannot stand to see the American dream of home ownership dashed from one more potential buyer. Among the NAR-supported provisions in H.R. 11, "The Revenue Act of 1992," are: -- Reform of passive loss rules for full-time real estate practitioners that will help keep property in private hands, as well as shore-up declining values and local tax bases; -- Restoration of Individual Retirement Accounts for more middle- income Americans that will increase savings. Also, the penalty-free withdrawal provision for the purchase of a first-time home will help buyers amass a down payment; -- Permanent extension of three important programs that have made great strides in advancing home ownership for lower and moderate- income Americans -- the mortgage revenue bond (MRB), mortgage credit certificate (MCC) and low-income housing tax credit programs; and -- New incentives for the nation's pension funds to prudently invest more capital in real estate, which will help ease the credit crunch that continues to hamper the economy. It would be inexcusable for this bill to die after so many members of Congress put their political differences aside to work out the most comprehensive economic-stimulus package in years. It is time, President Bush, for you to lead us in our economic recovery, and signing H.R. 11 represents a critical first step. NAR, "The Voice for Real Estate," is the nation's largest trade association, representing nearly 750,000 members involved in all aspects of the real estate industry. -0- 10/12/92 /CONTACT: Liz Duncan, 202-383-1043, or Trisha Morris, 202-383-7560, both of the National Association of Realtors/ CO: National Association of Realtors ST: District of Columbia IN: SU: ECO
DC -- DC006 -- 8886 10/12/92 14:10 EDT
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|Date:||Oct 12, 1992|
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