The Worker, Homeownership, and Business Assistance Act of 2009 passed in November 2009 included several extenders on provisions under the American Recovery and Reinvestment Act.

Beggining in the summer of 2008, the federal government provided support to the housing industry and consumers through a combination of grants, tax breaks, and government guarantees.

This measure increased in 2008 and 2009 the per capita amount of the low-income housing tax credit allocable by each state. In addition, the new rule ignored the distinction between new buildings and existing buildings, allowed buidling receiving moderate rehabilitation assistance to dually qualify for the low-income housing credit, and extended the credit to some eligible students.

This measure provides a $7,500 tax credit for some qualifying first-time homebuyers. The credit will be claimed on tax returns to reduce the home-purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.

This provision would further extend and expand the First Time Home Buyer Tax Credit, which was previously extended through November 30, 2009 in February's American Recovery and Reinvestment Act and was originally enacted in the Housing and Economic Recovery Act of 2008. This extension would continue the tax credit of up to $8,000 for housing deals signed by April 30, 2010 and completed by June 30, 2010.

The Federal Housing Administration (FHA) became the main source for home loans to borrowers with poor credit after subprime lending markets collapsed. This bill gives new lending authority to FHA’s mortgage insurance programs that play a large role in providing low-interest housing loans, raising the loan ceiling from $315 billion to $400 billion. Additionally, the bill increases the securities guarantee authority for the Government National Mortgage Association (Ginnie Mae) from $300 billion to $400 billion.

Creation of fast-track method for reducing monthly payments on mortgages held by Fannie Mae or Freddie Mac, restricting payments to 38 percent of income, reducing the interest rate, extending loan periods, and, deferring principal.

Mortgage owners will be allowed to refinance with less home equity than what was permitted by previous regulations.  Program applies to loans owned or guaranteed by Fannie Mae and Freddie Mac and is one of two principle programs under the Treasury's Making Home Affordable program.

The Office of Thrift Supervision closed IndyMac Bank and named the FDIC conservator. IndyMac had total assets equal to $32.01 billion and total deposits of $19.06 billion. The FDIC has insured all individual deposits up to $250,000. As conservator the FDIC established IndyMac Federal Bank as the successor to IndyMac Bank and transferred all insured deposits to the new bank. This bank closing was the second largest of 2008.

The Housing and Economic Recovery Act of 2008 included several stimulative housing measures, including an increase in the low-income housing tax credit and created the first-time homebuyer tax credit.