December 14, 2008

CONLAMIC Pushes Housing Recovery Plan

WASHINGTON, DC – The National Coalition of Latino Clergy & Christian Leaders (CONLAMIC) supports the efforts of Fix Housing First, a coalition formed to push for a housing recovery plan that will revive the economy. Latino Ministers recognize that by stimulating the housing industry, new jobs can be created and home buying will become more accessible for families.

"The current economy is affecting all Americans, including the millions of Latino’s who are members of our churches. We believe, that in addition to pushing a strong focus on foreclosure prevention measures, we must urge Congress to support a housing recovery plan," said Rev. Miguel Rivera, CONLAMIC Chairman.

Fix Housing First, which consists of more than 600 organizations, home building companies and manufacturers and continues to add new members on a daily basis, is pressing for a major stimulus package to stem the decline in home values, stabilize financial markets and reignite consumer demand. To get the economy moving again, the coalition is urging Congress to support enhancements to the home buyer tax credit and provide below-market 30-year fixed-rate mortgages for home purchases.

A similar plan worked in 1975, when the nation was also in the midst of a recession. Congress then passed a short-term $2,000 tax credit for all new homes ($12,000 adjusted for today's median home prices) along with subsidized mortgage rates. The stimulus jump started the depressed economy and the effects continued long after the measure expired.

The second component of the stimulus plan would provide qualified home buyers with 30-year fixed-rate mortgages at 2.99 percent on contracts closed until June 30, 2009 and 3.99 percent on closings between June 30 and Dec. 31, 2009. The coalition has also announced its support for continuing foreclosure prevention measures to keep people in their homes.

“The collapse of the housing market has created a credit freeze that has made it impossible for most families to buy a new home. We urge Congress to boost the housing market so that we may see consumer confidence restored, creation of new jobs, sound and safe practices in home buying, an increase in home values, and the prevention of future foreclosures,” said Rev. Rivera.

To learn more about Fix Housing First, go to http://www.fixhousingfirst.com/.

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