Housing and Recovery Act of 2008‏

As the Act is placed into order, we are brought to the attention that as this nation faces financial crisis we as working Americans are not only placed into tax brackets but income categories as well with the implication of aid to being taken into effect as the differences of income earning are sighted.

The income categories are to be based on yearly earning averages of the American worker.

Extremely Low Income $7,644 or under yearly earning
Very Low Income 18,345 yearly earning
Low Income 29,557 yearly earning
Moderate Income $44,844 yearly earning
Above Moderate Income $76,439 yearly earning

As the effects of the bill are introduced, many stipulations are expected to take place and be considered for three of the five classes due to the fact that these people are struggling and the health of the economy are made notice. The three classes are extremely low income, very low income, and low income.

As the bill is read a new provision is made notice and is expected to being taken into affect due to the voice that the American public has made in light of the foreclosure crisis as well as the recent affects of the numerous weather disasters take on by this nation. Not only has the home-owner portion of the housing market by devastated, however the rental market has witnessed drastic losses if the consideration of a hurricane named Katrina and the state of Louisiana may be used to express a further concern into the rental market of this nation. The revised Housing and Economic Act as expressed for the fiscal year of 2008 is expressed the rental housing market and the owners aspect of the housing market are to be placed into the bill as necessary measures as the bill also extends the national deficit from nine point eight two trillion to reach a limit of ten point six two trillion American dollars,(Sec. 3083).

Section 1131 of the 2008 Housing and Economic Recovery Act is to: Establish a Housing Trust Fund to be used to increase and preserve the supply of rental housing for extremely low and very low-income families.

Off record, an opinion is stated that each state that has been affected by some sort of weather phenomenon has focused financial expectations to being made to the rental market that this nation carries when an economic reasoning is addressed. Florida, Alabama, Mississippi, Kansas, Louisiana all are those states in which hurricanes or tornadoes have brought tremendous debt to the housing and rental market as federal aid is addressed and considered to aid the healing process of the state. Each have been placed as national emergency states in which ‘bonus depreciated’ states of economic concern may and will be considered as federal aid is expressed.

As the rental market is now being brought to the light of government flexibility as a trust fund is to aid and preserve rental housing as a marketable assumption will this become the workings of a ‘work-out’ rather than a ‘bail-out’ of this financial situation that we as a civilized society will come to terms with as finance of the nation is concerned ?

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