NAHB Responds to AD&C Financing Issues

New Legislation Addresses Housing Production Credit Crisis

NAHB’s work with members of Congress to address the housing production credit crisis has led to the introduction of new legislation that would alleviate the severe lack of credit for acquisition, development and construction financing. Introduced by Reps. Brad Miller (D-NC) and original cosponsors Carolyn Maloney (D-NY) and Joe Baca (D-CA) on May 26, the Residential Construction Lending Act would create a new residential construction loan guarantee program within the Treasury Department to provide loans to builders with viable construction projects. Designed to unfreeze credit for small home building firms, the measure would expand the flow of credit to residential builders on competitive terms. Moving on several fronts, NAHB is now urging Congress to act quickly to advance this bill. We have already activated our grassroots network, encouraging NAHB members to call, visit or email their representatives while those officials are in their home districts for the week-long Memorial Day congressional recess.