Rep. Gary Ackerman of New York plans to propose a bill he says will reduce the housing glut, create jobs, and stimulate the economy. Deriving inspiration from the success of the Homestead Act of 1862 — which offered 160 acres to Americans in order to promote Western settlement — Ackerman’s Homestead: Act 2 aims to get 3 million properties off an already depressed market by providing a subsidy of up to $ 20,000 for down payments on foreclosed homes and a tax break for investors who purchase foreclosures for rental properties.
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