President Obama recently signed into law the Small Business Lending Fund Act of 2010. Unfortunately, this new lending program will not address the small business lending crisis facing the home building industry.
The new small business lending fund specifically excludes home construction loans to small builders from the eligible pool of lending in the new fund!
Fortunately, a stand-alone bill, H.R. 6191, has been introduced by Rep. Brad Miller (D-NC) to fix the construction loan omission. The bill passed the House of Representatives yesterday and now goes to the Senate for a vote.
This is a very important issue for many homebuilders! Lack of housing production credit is preventing builders from meeting the emerging demand for new homes and, for many, endangering their ability to survive the economic downturn!
Please call or email Sens. Dianne Feinstein and Barbara Boxer and ask them to support H.R. 6191!
Sen. Feinstein's DC number is (202) 224-3841. Her local office number for Riverside County is (619) 231-9712 . Or you can email her.
Sen. Boxer's DC number is (202) 224-3553. Her local Riverside office number is (951) 684-4849. Or you can email her.
Please call or email today!! And after you speak with their offices, let NAHB government affairs department know how they responded.
Photo Credit: Flickr User Phil Romans