The purpose of the Voluntary Affirmative Marketing Agreement (VAMA) between the Department of Housing and Urban Development (HUD), the National Association of Home Builders (NAHB), and the Building Industry Association (BIA) is to advance fair housing for all and to provide fair housing for all through programs of affirmative marketing, outreach and education. The goal of HUD, NAHB and BIA in developing and implementing this Agreement is to affirmatively further fair housing through voluntary efforts that result in the provision of equal housing opportunity to all home seekers regardless of their race, color, religion, sex, handicap, familial status or national origin.
Builders must provide their own Affirmative Fair Housing Marketing Plan if they apply for participation in any HUD/FHA-assisted or insurance program.
There is no longer a need for BIA members to worry about their own plan with HUD, filing documents, or conducting training seminars, because BIA is a signatory to this national program and any of our members may sign our agreement to participate.
BIA will take care of the rest.
A MESSAGE FROM
HOLLY SCHROEDER
The Housing Stimulus Bill Important Legislation Whose Time is Now.
There seems to be no end to the economic challenges our region, and our nation, is facing. Numerous banks are in economic turmoil; businesses are being forced to close; and estimates show that approximately one in every 171 homes is going into foreclosure.
The housing stimulus bill recently approved by Congress and signed into law by President Bush is vital to addressing those challenges, and the member companies of the Building Industry Association recognize that solutions like this can make a positive impact on the market. The landmark legislation contains several provisions to help home buyers, stop sliding home prices, provide a lifeline to borrowers facing foreclosure, and bolster market confidence in mortgage giants Fannie Mae and Freddie Mac.
Throughout the metropolitan Los Angeles area, approximately 3.7 percent of available homes are affordable to households earning a median income compared to the national average of 42 percent. We recognize there isnt a one-size-fits-all solution, but there are several provisions which may bolster the housing market and the faltering economy.
The conforming loan limit on jumbo loans is being increased from $417,000 to $625,000. This will serve to help states like California get better rates for higher loans.
First-time home buyers will receive a tax credit of as much as $7,500. During the economic recession of 1975, Congress enacted a similar temporary $2,000 tax credit for people buying new homes. In a period of nine months, a then-record number of unsold homes were cleared off the market. If history is any indication, this new tax credit – which is good for homes purchased on or after April 9, 2008 and before July 1, 2009 – should do the same.
The legislation has given the FHA additional authority to insure up to $300 billion of mortgages to refinance loans headed for foreclosure, and a Mortgage Bond Review Program will give California – and the remainder of the 50 states – the ability to issue an additional $11 billion in mortgage review bonds to help strapped borrowers refinance their home loans. These are new tools to help local government address the current foreclosure issue and, hopefully, stem the growing foreclosure crisis.
A low income housing tax credit is designed to expand the supply of much-needed affordable rental housing and a plan for the modernization of the FHA will allow the organization to better respond to the needs of borrowers.
As members of the housing and home building community, we understand on a personal level that we need to stabilize the economy and housing market in order to assist millions of current and potential home buyers. Now is the time for our local, statewide and national leaders to help us find ways to help individuals and families achieve the American Dream of home ownership.
ABOUT BIA/LAV
The Building Industry Association / Los Angeles Ventura Chapter (BIA/LAV) is comprised of approximately 650 companies involved in every aspect of building homes and creating thriving communities for a growing and diverse population.
BIA/LAV exists to provide leadership on public policy issues that promote building quality communities for the region’s growing population, to increase the public appreciation of the importance of housing and those who provide it, and to facilitate improved business opportunities for its members.
At the forefront of the housing issues facing Los Angeles and Ventura counties, BIA/LAV is committed to increasing homeownership opportunities for the current and future residents of our region. To reach this goal, BIA/LAV works alongside elected officials, community leaders and organizations to come up with credible solutions to the housing crisis. In a region plagued by chronic underproduction of housing for its burgeoning population, the BIA/LAV advocates for policies that will reduce regulations, fees and government bureaucracy.
BIA/LAV acts as the industry voice in local government on issues that affect its member companies. BIA/LAV and its members are dedicated to meeting the demand by creating communities that families are proud to call home.
