In addition to the housing tax credit for first-time homebuyers, the “Housing and Economic Recovery Act of 2008,” includes a couple of other housing programs that you may be interested in if you’re in the market for a home:

Affordable Housing Programs

The legislation calls for a creation of a permanent Housing Trust Fund (funded primarily by Fannie Mae (Federal National Mortgage Association) – FNMA and Freddie Mac (Federal Home Loan Mortgage Corporation – FHLMC)).
One of the mandated purposes of the Housing Trust Fund is to provide grants to States “to increase homeownership for extremely low- and very low-income families.”

Emergency Assistance for the Redevelopment of Abandoned & Foreclosed Homes

The legislation allows the U.S. Treasury to appropriate $4 billion for assistance to States and units of local government for the redevelopment of abandoned and foreclosed homes.
One of the eligible uses of the amounts made available under this provision is to “establish financing mechanisms for purchase and redevelopment of foreclosed upon homes and residential properties, including such mechanisms as soft-seconds, loan loss reserves, and shared-equity loans for low- and moderate- income homebuyers.”

Keep an eye out for special housing programs that will become available in your area as the funds appropriated under these provisions are allocated to the States and local governments.

This has been Real Estate Rob putting you on the Inside Track to home ownership.