The day after Sen. Barack Obama’s victory in the presidential election, the National Association of Home Builders is calling on him and the next Congress to adopt a new $268 billion housing stimulus plan called Fix Housing First, FOX Business has learned.

The NAHB plan calls for a 10% tax credit for every home buyer in 2009, capped at $20,000 per primary residence. A current credit of up to $7,500 for only first time homebuyers hasn’t helped the housing market that much, the home builders said, and expires June 2009. The new tax credit would cost $125 billion. 

The plan would also create government interest rate subsidies on mortgages -- all families buying a home in 2009 would pay just 3% for the first six months of 2009, rising to 4% for the last half of 2009, on so-called conforming loans that can be acquired or insured by government housing agencies. At the end of 2009, rates would adjust up to current market rates on mortgages. The interest rate subsidy would cost $143 billion.

Home builders say their plan is based on similar temporary measures adopted by Washington in the housing crisis of the mid-1970s and will attack the current collapse of the housing market in an aggressive way.

We've been supportive of the efforts to fix the financial sector, but that’s a band aid on the problem, said Jerry Howard, CEO of the NAHB, in an exclusive interview. The underlying root cause of the problem is the decline in house values. Congress has to fix that and fix that quickly.

The NAHB said its plan would supplement existing government programs to stabilize the housing market. It is soliciting other trade groups in Washington to create a coalition to get it passed.

The home builders would like to include their plan in a second stimulus bill - whether one is passed later this month when Congress returns to Washington for party organizing meetings or whether Congress considers a stimulus bill in the new year. The group did not offer any specific proposals to pay for its proposal, but said Congress could pay for it by adding to the deficit.

If they cannot get the proposal included in a stimulus bill, the homebuilders will seek to get it passed separately next year.

Other business groups are also calling for new economic proposals on the day after the election. The U.S. Chamber of Commerce, for one, urged Obama and the new Congress to pass a second stimulus package.

Restoring the nation’s economic health must be our top priority, said Chamber President and CEO Thomas J. Donohue, said in a statement.