The $700 billion federal bailout of the U.S. financial industry is good news, the ACCA and NAHB said.
Conditioning Contractors of America and the National Association of Home
Builders were elated at news of the Oct. 3 passage of the $700 billion
bailout of the nation’s financial industry.
allows the government to take over some of the nation’s most troubled mortgage
debt, along with other moves designed to shore up the country's housing and financial
“This legislation was
absolutely essential to prevent a collapse in our financial system that would
have inflicted devastating damage to our nation's economy,” said Sandy Dunn,
NAHB chairman and a home builder from Point Pleasant, W.Va. “Hopefully, this
will set the stage for rebuilding confidence, restoring the availability of
credit for businesses and consumers, and reversing the downward spiral in home
prices and rising foreclosures that are root causes of today’s financial
The Emergency Economic Stabilization
Act, which passed the U.S. House 263-171 after an earlier version failed,
includes several components considered crucial to HVAC contractors, the ACCA
The bill extends a $500 energy tax
credit for homeowners who purchase high-efficiency equipment in 2009 and allows
commercial building tax deductions of up to $1.80 per square foot until 2013.
It also extends until Dec. 31,
2009, a $2,000 tax credit for builders who put high-efficiency appliances,
including furnaces and air conditioners, into new houses.
The ACCA and NAHB lobbied hard for
the bill’s approval. The NAHB’s Dunn said the group’s work would continue.
“We will continue to work
with lawmakers on both sides of the aisle to take whatever other steps are
necessary to put housing and the economy back on track,” Dunn said.
Groups hail bill's passage
October 10, 2008