Congress gave overwhelming final approval last night to the Economic Stimulus Package supported by the National Association of Realtors (NAR) across the country. As a result, the government will be sending payments to most American households and grant tax incentives for business investment The plan totals $152 billion. The final deal came yesterday after the Senate added low-income seniors and disabled veterans to the list of people who would receive money under a package previously approved by the House, then approved the bill, 81 to 16.

The House took up and passed the Senate measure last night in a 380 to 34 vote, ensuring that checks would begin reaching eligible recipients by mid-May.

The legislation includes the requested GSE and FHA reforms strongly backed and lobbied by NAR. The increased loan limits means borrowers will see immediate relief with new liquidity in the mortgage market and the nation will see an additional 300,000 home sales. The increased FHA loan limits means an additional 138,000 Americans will purchase homes, and with the needed FHA reforms means 200,000 families can refinance their homes safely and affordably.

See how your Senators and Congressman voted on the stimulus package.

Over 85,000 REALTORS made their feelings known to the Senate on this issue, and we indeed made a significant difference.