Fighting For Florida's Economy

Dear Friends,

With skyrocketing costs for food, gas, and healthcare, the economic downturn is hitting Florida families hard. I have been working hard with my colleagues in Congress to take action to strengthen and rebuild our economy. Earlier this month, Congress passed landmark legislation that will help ease the housing crisis and keep more Americans in their homes. In addition, 130 million American taxpayers started to receive their Economic Recovery Rebate Checks last week from the first economic stimulus package passed by the Congress in February. These measures will help struggling Florida families and will help get our economy back on track.

Halting Florida's Foreclosure Crisis

Florida homeowners are faced with a toxic combination of high property taxes, skyrocketing insurance premiums, and increasing mortgages. Combined with the downturn in the economy and a depressed real estate market, Florida now has one of the highest foreclosure rates in the country and ending this foreclosure crisis is vital for our economic recovery.

Earlier this month, the House passed a series of measures that I co-sponsored and supported to help families become first-time homebuyers, assist existing homeowners, help families facing foreclosure keep their homes, and to stabilize property values in neighborhoods harmed by high foreclosure rates. These measures will:

• Provide first time homebuyers with an interest free loan, up to $7500, towards a home down payment. Taxpayers would be required to repay any amount received under this provision to the government over 15 years in equal installments.

• Provide Property tax relief for homeowners who claim the standard deduction by allowing them to claim an additional standard deduction of up to $350 ($700 for joint filers) for State and local real property taxes. This provision applies for 2008.

• Help refinance at-risk borrowers into viable mortgages.

• Strengthen regulations of Fannie Mae and Freddie Mac and raises their loan limits to increase liquidity in the mortgage market. It also creates a new fund to boost the nation’s stock of affordable rental housing

Congressman Mahoney spoke on the floor to support the legislation.
Click Here to See Congressman Mahoney’s Speech.

Economic Recovery Rebate Checks Helping Florida Families

This comprehensive housing package comes just as 8.3 million families across Florida are getting their Economic Recovery Rebate checks that were part of the bipartisan economic stimulus package that Congress passed in February to halt the deepening recession. The economic stimulus package puts $145.9 billion in the hands of seniors and working families and it gives small business $44 billion in tax cuts this year. In Florida alone, the Economic Recovery Rebate checks will inject $6.8 billion back into the local economy, with the average Florida household receiving a check for $819.

In coming weeks, Congress will launch a second economic recovery effort that will bring relief to homeowners facing lost value in their homes or foreclosure, create highway construction jobs, and help American families struggling to make ends meet.

While longer term solutions must be paired with short-term recovery, this economic stimulus package provides unprecedented tax relief for working Americans and will inject confidence and consumer demand into our economy, promote economic growth and create jobs.

To learn more about getting your rebate, please visit my Online Tax Resource Center at: www.mahoney.house.gov.

Sincerely, Congressman Tim Mahoney