Home / Knowledge / News / Textiles / Carpet and Rug Institute to support housing recovery plan
Carpet and Rug Institute to support housing recovery plan
20
Dec '08
The Carpet and Rug Institute has joined Fix Housing First, a coalition formed to push for a housing recovery plan to revive the economy.

"If consumer spending is the lifeblood of the American economy, the housing market is its pulse. Nothing could have a more profound beneficial effect on the overall U.S. economy as the passage of the measures outlined in Fix Housing First," said CRI president Werner Braun.

Membership in Fix Housing First comprises more than 600 organizations, including home building companies, manufacturers, and trade associations. The effort, which 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.

Supporters of Fix Housing First point to the success of a similar plan launched in 1975, when the nation was also in the midst of a recession. At that time, Congress 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 coalition is calling for significant enhancements to the current $7,500 tax credit for first-time home buyers. Among the improvements:

-All primary home purchases between April 9, 2008 and Dec. 31, 2009 would be eligible.
-The credit amount would increase to 10 percent of the home price, and be capped at 3.5 percent of FHA loan limits, bringing the credit to a range of roughly $10,000 to $22,000.
-The current recapture provision would be eliminated. Repayment would only be required if the home were sold within three years. Credit would be available at the time of closing, making it easier to be used as a down payment.

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.

Carpet and Rug Institute


Must ReadView All

Courtesy: ABARES

Textiles | On 13th Dec 2017

Australian cotton production to grow 4% in 2017-18: ABARES

Cotton production in Australia is forecast to rise by 4 per cent to...

Global economy now growing by about 3%: UN

Textiles | On 13th Dec 2017

Global economy now growing by about 3%: UN

There is an upturn in the global economy, and it is now growing by...

Clothing prices rise 3% in November in UK market

Apparel/Garments | On 13th Dec 2017

Clothing prices rise 3% in November in UK market

As post-Brexit referendum currency adjustment continues, prices of...

Interviews View All

Ghanshyam Ghoghari
Kimora Fashion

Bridalwear is not about reds and whites anymore

Kaizad Hansotia
GetNatty

Competition is the best thing that can happen to a startup

Abhishek Samdaria
Reflete

GST will certainly reduce a lot of paperwork in future

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Suresh P Bagrecha

Komal Texfab, founded in 1981, is into manufacturing of knitted fabrics,...

Hardik Sanghvi

Idealin Fogging Systems has been engaged in designing and manufacturing...

Silke Brand-Kirsch
Schlegel und Partner

Silke Brand-Kirsch, executive partner of Schlegel und Partner, a leading...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Iago Castro Asensio
RCfil Distribuciones S.L.

Iago Castro Asensio, International Business Manager of RCfil...

Prathyusha Garimella
Prathyusha Garimella

Hyderabad-based designer <b>Prathyusha Garimella</b> is known for blending ...

Igor Chapurin
Chapurin

"Now we can see the Russian trend in international fashion. And Russian...

Divvya and Nidhhi Gambhir
Walnut

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

December 2017

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
69.6%
No
12.0%
Skip
18.5%

Total Votes: 92

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
62.0%
No
30.4%
Skip
7.6%

Total Votes: 92

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
87.0%
No
9.8%
Skip
3.3%

Total Votes: 92

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
81.5%
No
8.7%
Skip
9.8%

Total Votes: 92


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search