On June 17th, 418 members of the House of Representatives voted to boost lending to home builders through a new $30 billion Small Business Lending Program. The fund will provide additional capital to community banks to expand small business lending. By a final vote of 418-3, NAHB was successful in including loans for AD&C lending into the overall program placing loans to builders on par with other small business loans in the program. This bipartisan vote clearly indicates the first-ever legislative victory for our overall efforts on the credit crisis facing our industry.
Now is the time to capitalize on the momentum and continue our fight to expand AD&C lending. We still need your help to advance H.R. 5409, the Residential Construction Lending Act, which is the stand-alone AD&C loan guarantee bill. H.R. 5409 specifically addresses the AD&C credit crisis that has plagued builders across the country. The bill will establish a loan guarantee program for lenders who provide construction loans to builders with viable projects and a track record of success. H.R. 5409 gives lenders a reason to not call loans in good standing. The bill will also expand the flow of credit for the home building industry and the millions of people it employs each year.
CALL TO ACTION:
- Over the next week your Representative will be home for the Independence Day district work period. We encourage you to set up a meeting with your Member and explain how important H.R. 5409 is to your business.
- Call your Representative and tell them to co-sponsor H.R. 5409, the Residential Construction Lending Act because it gives builders a chance to build and keep their workforce employed. Use the toll-free NAHB Legislative Hotline to be connected to your Representative. Call 1-866-924-6242 (NAHB).
- Write Congress today by visiting www.capitolconnect.com/builderlink.
- Let us know what you are hearing from your lawmakers by filling out the Congressional feedback form, by emailing us at builderlink@nahb.com or by calling us at (800) 368-5242 x8475.