A United States Senate ad hoc committee — headed by Senators Christopher Dodd (D-CT) and Richard Shelby (R-AL) — are currently spearheading a bi-partisan housing rescue bill that could include a $7,000 one-year tax credit for purchasers of foreclosed homes if the legislation is passed.

In addition, the federal government would earmark $4 billion in grants to allow local governments to buy and refurbish foreclosed properties for resale or for use as “low-income” rentals. And the bill includes $10 billion for local housing agencies to refinance subprime loans and provide new mortgages for first-time homebuyers.

That’s not all.

According to MortgageNewsDaily.com, $100 million more will be allocated to expand counseling for homeowners at risk of defaulting on their loans.

This is good news for the thousands of homeowners nationwide struggling to make ends meet and who are desperate for some sort of relief. The bill would also encourage buyers to purchase Real Estate Owned (REO) properties, helping lenders and other financial institutions get them off their books faster.

And more important, it gives you more of a reason to purchase foreclosed properties (not like you needed another one) with a huge tax break on top of already discounted homes.

So what are you waiting for? Start your foreclosure search today RIGHT HERE and be one of the first to take advantage of this great news!