Federal Housing and Economic Recovery Act Information

H.R. 3221, the “Housing and Economic Recovery Act of 2008,” was signed into law on July 29, 2008 by President Bush.  The legislation includes GSE Reform, FHA Reform, a Homebuyer Tax Credit of $7500, FHA Foreclosure rescue, Seller-fund down payment assistance programs, VA loan limits, GSE stabilization, authorizes $10 billion in mortgage revenue bonds, establishes a National Affordable Housing Trust Fund, provides $4 billion in neighborhood revitalization funds, modernizes the Low Income Housing Tax Credit and strengthens the existing state-run nationwide mortgage originator licensing and registration system.  

Summary of these new Housing Programs

Q & A with Sample Home Purchases and Tax Phase Charts on the

new Homebuyer Tax Credit

Homebuyer Tax Credit Highlights Chart

Santa Fe Association of REALTORS® Forwards Response to Passage of the Housing and Economic Recovery Act

THE MISSION OF THE SANTA FE ASSOCIATION OF REALTORS® IS

TO ENHANCE MEMBERS' ABILITY TO CONDUCT THEIR INDIVIDUAL BUSINESS SUCCESSFULLY AND WITH PROFESSIONAL COMPETENCY.

The Santa Fe Association of REALTORS® (SFAR), established in 1948,

is a not-for-profit trade association with a membership comprised of approximately 1100 Realtor members representing a wide range of real estate professionals in the Santa Fe region. We also have an Affiliate membership of related, affiliated businesses that numbers over 170. Along with the Los Alamos and Espanola Realtor Associations, the Santa Fe Multiple Listing Service contains over 3000 properties, both residential and commercial, offered in the greater Santa Fe region.

The Santa Fe Association of REALTORS® is part of the nationwide Realtor family network made up of the National Association of REALTORS® and the REALTORS® Association of New Mexico. SFAR is governed by a Board of Directors who employs the 7 member Association staff. Staff is directly responsible for the day-to-day services provided to our membership in the form of MLS access, servicing of electronic keyboxes and keypads, educational offerings and various forms of informational updates and supportive services. Staff is also available daily to assist the general public with locating and contacting member agencies, processing public complaints, and answering general questions regarding the home-buying and selling processes. SFAR is also the Regional Professional Standards Administrative processing center for handling complaints of violations of the Code of Ethics and Mediation/Arbitration cases for Taos, Espanola, Los Alamos and Santa Fe.