Sen. Ron Calderon Seeks to Expand, Extend State Housing Credit

Calderon, D-Montebello said Friday that his new bill - introduced Thursday - would double the amount of money appropriated last year. He also plans to amend it to allow the credit to be used for for the purchase of all homes, not just newly built ones. "SB 913 would add an additional $200 million, extend the tax credit to 2010 and thus stabilize the housing market," Calderon said. "The continuation of this tax credit will create thousands of jobs. We're estimating 60,000 jobs and $400 million in state revenue."