Stabenow’s leadership on housing issues makes her the right choice for Michigan
U.S. Senator Debbie Stabenow announced today that she has received the endorsement of RPAC, the political arm of the National Association of REALTORS®, following a recommendation and endorsement from the Michigan Association of REALTORS® RPAC Trustees. In a statement, Michigan Association of REALTORS® RPAC Chair Gary J. Reggish cited Stabenow’s work on housing during her tenure in the Senate as the reason for their support.
"During her time in Congress, Senator Stabenow has been a strong leader for REALTORS® and homeowners, including leading the charge for protecting taxpayers from paying taxes on phantom income by sponsoring S. 2250, The Mortgage Forgiveness Tax Relief Act,” said Reggish.
“I am proud and grateful to have the support of such critically important state and national organizations,” said Sen. Stabenow. “The Michigan and National Associations of REALTORS® represent not just realtors but homeowners and play a crucial role in preserving the American Dream. I sincerely look forward to continuing to work together to support American homeowners as we strengthen the housing industry, turn our economy around, and grow Michigan’s middle-class."
Senator Stabenow was an original author of the Mortgage Debt Relief Act of 2007, which was the first law to prevent the IRS from taxing families on phantom income when they sell or refinance their home, thereby saving Michigan families thousands of dollars in taxes. This year's Mortgage Forgiveness Tax Relief Act extends the protections put in place by the 2007 legislation.
Senator Stabenow also authored and passed The First Time Homebuyer’s Tax Credit. The common-sense bill, which became law in 2009, helps put first-time buyers into homes by providing them with a one-time tax credit. Thanks to the tax credit, hundreds of thousands of Americans were able to enter the housing market for the first time. The effect was immediate, as tens of billions of dollars were injected into local economies that strengthened struggling communities and created good paying jobs across the nation.
Senator Stabenow was also a co-sponsor of the Responsible Homeowner Refinancing Act of 2011. This important piece of legislation was crucial to helping homeowners who were trapped underwater stay in their homes and hold onto their piece of the American Dream.
Senator Stabenow’s Homeowners and Military Families Tax Fairness Act, which was introduced on May 23, 2012, is also an important piece of legislation that illustrates her commitment to fighting for working families. The act ensures that homeowners who were wrongfully foreclosed upon will not face a tax increase as a result of settlements they have received from the nation’s five largest mortgage banks. At a time when families are struggling to make ends meet, Senator Stabenow knows that we should not be forcing them to pay extra taxes on penalties they never should have had to pay in the first place.
The National Association of REALTORS® was founded in 1908 and is the largest non-partisan trade association in the United States with over 1.2 million members, 54 State Associations (including Guam, Puerto Rico, and the Virgin Islands) and more than 1,400 local Associations.