METRO DENVER HOME BUILDERS TO SUPPORT "FIX HOUSING FIRST" INITIATIVE

The Home Builders Association of Metro Denver recently endorsed an initiative which urges Congress to act on a
stimulus package that would provide home buyers with a true tax credit and below-market mortgage rates.
Matt Osborn, 2008 HBA President, applauded the action to support this effort stating that “Denver’s prolonged
housing slump can be stabilized and recovery can begin if Congress provides the relief suggested in this proposed
initiative”.

The Fix Housing First www.fixhousingfirst.com, stimulus plan advocates a $10,000 - $22,000 true tax credit for all
home buyers (dependent on geographic FHA loan limits). This is not a $7,500 loan for all existing and new homes.
The Fix Housing First plan also includes a provision that the tax credit would be incrementally repaid to the
government should the home buyer sell within three years. Additionally, the plan seeks below-market mortgage
rates of 2.99% fixed rate for 30 years, for all existing and new homes. For contracts signed between now and June
30, 2009. For contracts signed between June 30, 2009 and December 31, 2009, the rate will be raised to 3.99%.
Osborn said, “Together, these measures will stop the fall in home values, encourage people to buy now, create job
opportunities in numerous sectors and energize the broader economy.”

The 1100 plus member Home Builders Association of Metro Denver is the organized voice of the housing industry
covering the eight county metro area. The organization is an affiliate of the National Association of Home Builders.
For more information, contact Roger Reinhardt at rreinhardt@hbadenver.com or visit www.fixhousingfirst.com to
review the stimulus plan.