Note from Sen. Johnny Isakson: Support of Extension of 1st Time Home-Buyers Tax Program!

   Hello again Peachtree City & AR!  You probably didn't know this but I have been     a proponent for gaining the support from our elected officials related to getting an extension of the 1st Time Home-Buyers program.  My efforts went so far as to send personal letters to both Senators Saxby Chamblis and Johnny Isakson asking for their positions on pending issues and continued support on others. 

   Folks, I would be remiss if I first didn't state that I received responses from both Senators.  I thought I'd share the response I receive from Sen. Johnny Isakson which acknowledged his efforts as co-sponsor of the Bill to extend the tax credit to 2010.  What you may not have known is that he also fully supports a Bill that would also create a $15,000 tax credit for all home buyers. 

I've contacted both Senators on other issues that I strongly supported such as the down-payment assistance program and getting federal assistance to help the thousands of recent flood victims.  Folks, can I be blunt for just a minute?  Regardless of whether you voted for the person that is currently in office or not, this is the person duly elected to represent you!  Can we put partisan politics aside for a minute and just talk about the facts? 

The housing and financing industries are still in crisis!  Bank of America just reported recent losses of $2.24 billion for the 3rd quarter of 2009 as loan losses keep sky-rocketing!  Recently Senator Vincent Fort was able to get Wells Fargo/Wachovia not to foreclose on about a thousand homes that were set to be sold on the court house steps in Atlanta.  In fact he and other protesters were arrested on August 31st at the Camp Creek marketplace offices of Wells Fargo for participating in a protest related to exposing predatory lending practices by Wells Fargo and Wachovia and their role in Georgia home foreclosures.  By the way, Wells Fargo/Wachovia received $25 billion in tax-payer bailout assistance! 

We need more than ever for our elected officials to step up and help find solution to these pressing issues that are affecting us all! 

However, don't relinquish your responsibilities by merely relying on our elected officials to come up with all the answers.  Take the opportunity to express your concerns to our elected officials and do what you can to make things happen.  The bottom line is that in the end we all will be impacted by the decisions made my our electorate and the solutions that will be passed down as laws.  You have a voice, a choice and a vote!        



 Dear Mr. Saunders:

 Thank you for contacting me regarding the extension of the current $8,000 first-time homebuyer tax credit. I appreciate your thoughts and the opportunity to respond.

 We are quickly approaching the November 30, 2009, sunset of the of the $8,000 first-time homebuyer tax credit. The current credit that was enacted as part of the American Recovery and Reinvestment Act has enable to roughly 2 million individuals to tax credit. According to the National Association of Realtor's 350,000 additional home sales have taken place because of the current credit. In response to the November 30sunset, I have signed on as a co-sponsor of S.1678 a bill to extend the first-time homebuyer tax credit until June 1, 2010. 

 While home sale numbers on entry level homes have begun to increase, there continues to be gridlock in the "trade-in" and "move up" market. A family who has been transferred to Georgiafrom another state is still having a hard time selling their previous home. With so many pending purchases contingent on the sale of the previous home, markets in this category continue to be locked. That is why I continue to support a $15,000 tax credit available to all homebuyers toward the purchase of a primary residence within one year after the date of enactment. We should at least continue the existing tax credit until June 30, 2010. I know there are concerns regarding the costs of an expanded tax credit but, there are ways to pay for this tax credit without increasing the national debt. Some estimates say an expanded tax credit could spur 700,000 additional home sales and generate 600,000 jobs for our economy. The U.S. economy is strongest when we have a vibrant housing market. Rest assured I will continue to support commonsense legislation that spurs growth in our economy.

 Thank you again for contacting me.  Please visit my webpage at for more information on the issues important to you and to sign up for my e-newsletter.

Johnny Isakson
United States Senator

Comment balloon 0 commentsGreg Saunders • October 20 2009 04:31PM
Note from Sen. Johnny Isakson: Support of Extension of 1st Time Home…
Hello again Peachtree City & AR! You probably didn't know this but I have been a proponent for gaining the support from our elected officials related to getting an extension of the 1st Time Home-Buyers program. My efforts went so far… more