Builders Applaud Economic Agenda in Bush State of the Union Address - 2/7/2005 - Mortgage Loan Refinance Debt Equity

Builders Applaud Economic Agenda in Bush State of the Union Address

“The National Association of Home Builders looks forward to working with the White House and leaders on Capitol Hill to eliminate unnecessary regulatory barriers that impede economic and job growth; to pass class action tort reform to curb the number of frivolous lawsuits that unnecessarily drive up the cost of housing; to enact association health plan legislation so that small businesses are able to provide quality, cost-effective health care to their employees; and to make tax relief permanent,” said NAHB President David Wilson.

The President stated in his speech that America has “raised homeownership to the highest level in history,” but in order for him to achieve his previously stated goal of adding seven million additional affordable homes to the nation’s housing roster in the next decade, NAHB is urging the Administration to renew its support for homeownership tax credit legislation that would increase the supply of affordable homes.

The program is designed to bridge the gap between the cost of developing affordable housing and the price that buyers can afford to pay in many lower-income neighborhoods. The tax credit received majority support in each chamber of Congress last year, and NAHB will work with lawmakers to move this proposal forward in the year ahead.

In laying out his economic agenda, Bush said “we must free small businesses from needless regulation and protect honest job-creators from junk lawsuits.” To make health care more affordable, he also called for the creation of “association health plans for small businesses and their employees.”

NAHB supports these efforts and is urging the Congress to approve S. 5, the “Class Action Fairness Act of 2005.” The bill was introduced by Senate Finance Committee Chairman Charles Grassley (R-Iowa) late last month and approved by the Senate Judiciary Committee last week, and it is expected to be considered by the full Senate this week.

Association health plan bill H.R. 525, “The Small Business Health Fairness Act,” which was unveiled on Feb. 2 in the House, would allow small businesses to pool their employees, through membership in trade associations, to negotiate lower insurance costs and increased health options.

“Association health plans enjoy broad, bipartisan support and the measure has received the enthusiastic backing of the White House. To help address the nation’s urgent health care needs, we urge the Congress to act quickly on this matter,” said Wilson.

The President also called for passage of a broad energy plan to make America more secure and less dependent on foreign oil. In the 108th Congress, lawmakers included energy efficient tax credits for new, existing and rental home construction in a comprehensive energy bill and NAHB is calling on Capitol Hill leaders to include these measures in any new energy package introduced in the new congressional session.

“President Bush summed it up best when he told the nation: ‘These proposals are essential to expand this economy and add new jobs,’” said Wilson. “And we look forward to working closely with the Administration and congressional leaders from both parties to enact these important measures.”

To read S. 5 or H.R. 525, click here and enter the bill number in the box at the upper left.