Isakson wants reward home buyers - WALB.com, Albany News, Weather, Sports

Isakson wants reward home buyers

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By Jennifer Emert - bio | email

February 3, 2009

ALBANY, GA (WALB) - U.S. Senator Johnny Isakson wants to reward home buyers.

He says the economy won't recover until the housing market revives, so he's urging the Senate and President Barack Obama to include a 10-percent home buyer tax credit in the economic stimulus package.

It would give any family who buys and holds a home for at least three years a tax break. Georgia's Home Builders Association says it could help keep home owners from defaulting by helping them with the down payments.

"With the banks so tight on money nobody can come up with the down payment they have top so we're asking for that 10 percent to be released actually at the closing of your loan so you can use it toward your down payment," said Chad McDonald, Georgia Home Builders Association, state and national director.

Georgia's housing slump has cost the state 196,000 construction related jobs and 11-billion dollars in wages. For more information about the stimulus package you can log onto FixHousingFirst.com

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