Date: 1987-06-10
Speaker: ST GERMAIN (democrat)
Chamber: H

Mr. Chairman. I comprehensive modernization imwant to thank the chairman of the provement program sponsored by our subcommittee for his kind remarks. colleague. the gentleman from Texas Mr. Chairman. I rise in support of . and the gentleman H.R. 4. the housing authorization bill. from Massachusetts . developed by our distinguished chair- H.R. 4 authorizes a program develman of the Housing Subcommittee. oped by the late representative. Stewmy colleague from Texas. Mr. GoNZA- art B. McKinney of Connecticut to LEz. As everyone knows it has been 4 provide that section 202 assistance years since we have had a housing bill. would be available for a new program However. since the Senate has re- of housing for mentally handicapped cently passed a housing bill after a people. number of years without any action The Home Mortgage Disclosure Act we are well on our way to housing leg- that has served the public so well in islation this year. o generating private sector mortgage inThe housing bill offers a very ser- vestment in the Nations older urban ous attempt on the part of the com- neighborhoods is made permanent in mittee to address the many needs re- HR 4 and coverage under the act Is lated to housing for both lowincome expand torage u n g s families needing assistance as well as expanded to mortgage banking submiddleincome families wanting to buy sidiaries of bankholding companies. a home of their own. while at the A home equity conversion mortgage same time remaining within the insurance demonstration program for Budget Committee limits. the elderly proposed by the gentleman H.R. 4 reauthorizes assisted housing from New York . is inprograms as well as the community de- cluded in the housing bill. This provivelopment block grant program and sion is an attempt to allow elderly the Urban Development Action Grant homeowners to remain in their homes Program for 1988. but increase their monthly incomes by The Farmers Home Administrations tapping into the equity in their homes. rural housing programs are reauthor- Finally. Mr. Chairman. the bill auized and the bill includes several very thorizes a new homeownership assistimportant provisions that attempt to ance program developed by our colprevent displacement of lowincome league from New York. Mr. SCHUMER. families due to the prepayment of the which replicates on a national basis farmers home loans. the successful results of the Nehemiah The FHA mortgage insuraice pro- Housing Opportunity Program that gram is made permanent in H.R. 4 and has taken place in Brooklyn. NY. a number of program amendments are Mr. Chairman. again I congratulate included for both FRA and the sec- my distinguished colleague from ondary mortgage market programs. Texas. Mr. GONZALEZ. for his perseverThe bill includes a provision that pro- ance in working to get a housing auhibits user fees from being imposed on thorization bill to the floor. Fannie Mae or Freddie Mac as these I urge all of my colleagues to supfees would be nothing more than a port H.R. 4 which Is an honest and sinhidden tax on the homebuying public. cere attempt by all members of the Mr. Chairman. this bill contains an Banking Committee to provide the important provision regarding the programs necessary to meet the housUDAG program that would change ing needs of our citizens while remainthe selection criteria so that the ing within the budget constraints that UDAG program would be available in presently exist. more areas of the country particularly Mr. Chairman. I would be remiss if I the South and Southwest. did not also point out that the minoriThis bill also extends the Federal ty. under the able leadership of the Flood Insurance Program and the Fed- gentleman from Ohio has eral Crime Insurance Program which been exceptionally cooperative and continue to be needed in many areas helpful throughout this. As noted in of our Nation as there is no evidence my remarks. major portions of this that the private sector could or would legislation have been authored by provide this needed insurance cover- Members on that side of the aisle. I age at an affordable cost. am hopeful that after we have our Our Federal assisted housing pro- debate and our consideration of the grams for lower income families are substitute that will be offered. we can continued in H.R. 4 despite the fact see a bipartisan housing bill emanate that this administration has proposed from the House and go over to the terminating such programs as the sec- Senate. because a lot of hard work has tion 202 Elderly Housing Program and been put into this. it is within the the public housing and section 8 pro- budget constraints. and It is deserving grams. of our full support. The bill also contains vital provi- The CHAIRMAN pro tempore (Mr. sions to attempt to prevent the poten- MONTGOMERY). The gentleman- from Rhode Island has consumed 6 minutes.