After months of intensive lobbying by the entire NAHB federation, the housing stimulus package was finally signed into law.

This milestone legislation will help provide an enormous boost to the housing industry in the form of a tax credit for first-time home buyers, as well as much-needed measures that will improve mortgage liquidity, foster refinancing of troubled loans, and expand the supply of affordable rental housing.

The centerpiece is a temporary, $7,500 first-time home buyer tax credit for the purchase of any home. The tax credit can be used for homes purchased between April 9, 2008 and July 1, 2009. It is expected to spur home sales, eliminate excess inventory and bring otherwise qualified home buyers back into the market.

Other key elements of the bill include:

- FHA modernization. A revitalized FHA will get mortgage money flowing again.
- GSE reform. This will lower the cost of capital in housing markets and free up more funds for home purchases or to refinance troubled loans.
- Mortgage revenue bond program.  Expanding this program will help strapped borrowers seeking to refinance their home loans.
- Low Income Housing Tax Credit. Enhancing this program will expand the supply of much-needed affordable rental housing.

For more information on the First-Time Buyer Tax Credit, Frequently Asked Questions, Resources and other provisions of the stimulus package, please visit www.FederalHousingTaxCredit.com.