Saturday, April 19, 2008

Congressman Tim Mahoney to Host Roundtable at Dunbar Village on Rangel-Mahoney Bill to Give Interest-Free Loans to First-Time Homebuyers

WEST PALM BEACH, Fla., April 18 /PRNewswire/ -- Congressman Tim Mahoney, co-sponsor of the Housing Assistance Tax Act of 2008, introduced by House Committee on Ways and Means Chairman Charles B. Rangel, will host a roundtable on Monday, April 21, from 10-11.30 a.m. at Dunbar Village on legislation to give interest free loans to first time home buyers.

The Roundtable will be held in the boardroom of the West Palm Beach Housing Authority (1715 Division Ave, West Palm Beach).

"We welcome this opportunity to provide a platform for Congressman Mahoney to share his views on the proposed legislation to help stabilize the housing market, improve access to affordable housing and assist families in the purchase of their first home," Laurel Robinson, Executive Director of the West Palm Beach Housing Authority said.

The legislation which goes before the House of Representatives for consideration, provides tax credits to first-time homebuyers, improves access to low-income housing and allows families to deduct property taxes. The first-time homebuyer tax credit would provide individuals and families with a refundable credit (equivalent to an interest-free loan) of ten percent of the purchase price of their home (up to $7,500). Taxpayers would be required to repay any amount received under this provision to the government over 15 years in equal installments. The credit will be phased out for taxpayers with adjusted gross income in excess of $70,000 ($110,000 in the case of a joint return).

With a mission to provide those with limited financial resources access to safe, decent and affordable public housing and programs to assist in transition to greater financial security, the West Palm Beach Housing Authority owns and operates 712 units in five housing developments: Dunbar Village, Southridge, Pleasant City, Twin Lakes and Robinson Village. More information about WPBHA and its programs is available at http://www.wpbha.org/

Media Contact: Mark Hopkinson NewsMark Public Relations mhopkinson@newsmarkpr.com 561-852-5767
West Palm Beach Housing Authority