Alexandria, Virginia - As a stimulus package for the US economy moves through Congress, the International Sleep Products Association (ISPA) has urged senators to adopt amendments that would address what it sees as the root causes of the current economic troubles: housing, home values and jobs.
ISPA wants senators to take steps to address the housing crisis. As part of that effort, ISPA stressed that it is "critical that the home furnishings tax credit is included in the stimulus package," to help increase home values and to protect jobs in the home furnishing industry.
"The way to immediately stimulate our economy is by addressing housing and the housing related industries," said Chris Hudgins of ISPA, in a 4 Feb statement. "A combination of tax credits coupled with low mortgage interest rates will spur consumer demand for housing and home furnishings and lift the broader economy in timely and targeted way."
ISPA is a member of the Fix Housing First Coalition, a group of over 2000 stakeholders (including homeowner and community groups, home builders and manufacturers) advocating short-term incentives for qualified home buyers that would stop the fall in home values, restore consumer confidence, create jobs, and lift the economy.
Specific proposals are: a 10-percent tax credit for all qualified home buyers; a below-market 30-year fixed-rate mortgage for home purchases; and continued measures to reduce foreclosures and keep people in their homes.
ISPA is also leading a coalition of home-furnishing trade associations that is promoting tax credits for consumers who purchase such products. "As the senate considers a bi-partisan approach to address our economic troubles, we hope members from both sides of the aisle will recognise the importance of these measures which are temporary, timely and targeted directly to consumers," added Hudgins.