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Congress Passes Continuing Resolution Bill

Tuesday, September 30, 2003 - 1:45AM

Congress last week passed with nearly unanimous support H.J. Res. 69, the continuing resolution (CR) which is needed to keep the government operating into the new fiscal year beginning October 1. The stop-gap spending measure continues to fund ongoing federal programs at the FY 2003 rate through Oct. 31. The CR includes an exception to the normal CR rate rules to give FHA access to more commitment authority than they normally would receive during the time of the CR ($3.8 billion instead of $1.8 billion), in order to ensure that any loans that could not be processed by September 30 could be accommodated in fiscal year 2004, and allow FHA multifamily programs to operate without risk of another shutdown early in the fiscal year.

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