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Bill Would Provide Affordable Housing for Hurricane Victims
With NAHB’s support, the House Financial Services Committee on March 7 passed H.R. 1227, the Gulf Coast Hurricane Housing Recovery Act, legislation that would help provide affordable housing for low-income residents displaced by the Gulf Coast hurricanes that occurred in 2005.
Prior to consideration of the bill, NAHB sent a letter to the full committee highlighting the association’s support language extending the Disaster Voucher Program until Jan. 1, 2008. Due to the magnitude of the destruction caused by the hurricanes, which decimated entire communities, many families have not yet found permanent housing or jobs and continue to need this vital assistance.
NAHB also indicated support for provisions in the bill that would prevent the expiration or termination of housing assistance payment contracts for multifamily housing properties assisted under Sections 8, 202, 811 and 236 that were damaged or destroyed by Hurricanes Katrina and Rita.
The bill directs the Department of Housing and Urban Development to promptly review and approve all feasible proposals made by owners of such properties to resume the assistance after the damage has been repaired, or, in the case of interest reduction payments, transfer the remaining budget authority to another multifamily housing project.
Alternatively, the housing assistance would be transferred to another appropriate and habitable project or a project to be constructed, with the same or different owner. In the case of interest reduction payments contracts, any remaining budget authority could be used to reduce financing costs for units in other habitable projects without such assistance.
NAHB will continue to monitor this legislation as it moves forward and provide input to key members of Congress. House Financial Services Committee Chairman Barney Frank (D-Mass.) has stated that the bill will reach the House floor before the April spring recess.
To read the legislation, click here and enter H.R. 1227 in the box at the center fo the page.
For more information, e-mail Scott Meyer at NAHB or call him at 800-368-5242 x8144.
Attend the Housing Credit Group Issues Forum
Mark your calendar and plan to attend the Housing Credit Group Issues Forum in Seattle, Wash. on Sept. 5. The forum will focus on breaking down common barriers to affordable housing.
For more information on the Housing Credit Group, click here.
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