The Senate has overwhelmingly passed a housing relief bill that includes a $7,000 tax credit for purchasers of foreclosed homes in addition to $4 billion in grants for local communities to buy and repair foreclosed properties.
The bill, passed by a vote of 84-12, provides $150 billion for pre-foreclosure counseling and $10.9 billion in tax-free mortgage revenue bonds to help local housing agencies refinance subprime loans. A temporary tax deduction would allow families to deduct up to $1,000 in property taxes if they do not already itemize on their returns.
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