NAHB Seeks Change To New Lending Program

Washington, DC, Oct. 1, 2010-- Bob Jones, chairman of the National Association of Home Builders, is urging the Senate to pass legislation approved by the House that would allow construction loans to be eligible for the new small business lending fund signed into law earlier this week.

“Congress last week approved a small business lending bill that fails to allow tens of thousands of small home builders across the nation to obtain badly needed credit for viable home building projects. The $30 billion lending fund established under this new law to help small businesses does not allow for construction loans to be made to small builders."

"Fortunately, the House today moved to rectify this situation by approving a companion bill (H.R. 6191) that allows small home building firms equal access to the new lending fund. The Senate must follow suit and act now. The stakes could not be greater."

Jones said a lack of housing production credit is preventing builders from meeting the emerging demand for new homes and endangering their ability to survive.