Create a foreclosure prevention fund for homeowners
Create a $10 billion fund to help homeowners refinance or sell their homes. "The Fund will not help speculators, people who bought vacation homes or people who falsely represented their incomes."
Create a mortgage interest tax credit for non-itemizers
Create a refundable tax credit equal to 10 percent of mortgage interest for nonitemizers, up to a maximum credit of $800.
Expand housing vouchers program for homeless veterans
"Expand proven homeless veteran housing vouchers to assist those already on the streets."
Launch a supportive services-housing program for veterans to prevent homelessness
"Launch an innovative supportive services-housing program to prevent at-risk veterans and veteran families from falling into homelessness in the first place."
Create a Homeowner Obligation Made Explicit (HOME) score for mortgage comparisons
"Will create a Homeowner Obligation Made Explicit (HOME) score, which will provide potential borrowers with a simplified, standardized borrower metric (similar to APR) for home mortgages. The HOME score will allow Americans to easily compare various mortgage products and understand the full cost of the loan. The HOME score would also help borrowers understand their long-term obligations and would be required to include mandatory taxes and insurance."
Allow bankruptcy judges to modify terms of a home mortgage
Will repeal provisions of the Chapter 13 law that prohibit bankruptcy judges from modifying the original terms of home mortgages for ordinary families -- regardless of whether the loan was predatory or unfair or is otherwise unaffordable -- "so that ordinary families can also get relief that bankruptcy laws were intended to provide."
Increase the supply of affordable housing throughout metropolitan regions
Will support "efforts to create an Affordable Housing Trust Fund to develop affordable housing in mixed-income neighborhoods. The Affordable Housing Trust Fund would use a small percentage of the profits of two government-sponsored housing agencies, Fannie Mae and Freddie Mac, to create thousands of new units of affordable housing every year...Will also restore cuts to public housing operating subsidies, and ensure that all Department of Housing and Urban Development (HUD) programs are restored to their original purpose."
Restore housing in New Orleans
"Will work with the state to establish a goal for approving all Road Home applications within two months...Will also work to increase the supply of rental property, which is particularly important in New Orleans where 57 percent of pre-Katrina residents were renters."
Expand the YouthBuild program, a youth education and housing program.
"Will work with YouthBuild to grow from 8,000 slots today to 50,000 slots over the next eight years in order to meet the demand from young people and communities for this valuable program." YouthBuild programs allow low-income young people to work toward their GED or high school diploma while they build housing for low-income people.
Set a three-month moratorium on foreclosures
"I'll put a three-month moratorium on foreclosures so that we give homeowners the breathing room they need to get back on their feet."
Create new criminal penalties for mortgage fraud
"We will crack down on mortgage professionals found guilty of fraud by increasing enforcement and creating new criminal penalties."
Weatherize 1 million homes per year
"Will make a national commitment to weatherize at least 1 million low-income homes each year for the next decade, which can reduce energy usage across the economy and help moderate energy prices for all."
Help victims of superstorm Sandy 'rebuild their lives'
For victims of Superstorm Sandy: "We are going to be with them every step of the way in helping them to rebuild their lives."
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