By: Randy Kaplan,1/28/2009, Long Island Board of Realtors
This year will surely be remembered as historic with the recent inauguration of President Barack Obama and for what we hope will be a banner year legislatively for Long Island, New York City and the entire state.
President Obama has already promised to work with Congress to decrease the number of foreclosures by helping to lower mortgage payments for responsible homeowners. Foreclosure prevention and increasing the number of jobs are critical to housing and economic recovery. Bringing back buyers to the market will reduce inventory and stabilize home prices.
Proposed relief programs are already being discussed at various levels of government. Senator Charles Schumer, a member of the Senate Finance Committee, is pushing for federal grants for schools as part of the economic stimulus package working its way through Congress. The package may include $6.4 billion for New York schools to help financially strapped school districts avoid increasing property taxes or cutting programs. Schumer said the stimulus package may also include aid to states, funding for infrastructure projects and tax cuts of about $1,000 aimed at middle-class taxpayers. The package could land on President Barack Obama’s desk by mid February. In response to this proposal, Gov. David Paterson said if the federal money materializes, he might not have to raise taxes and fees as part of his $121 billion state budget proposal.