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House Committee Approves 2 Affordable Housing Bills

Tuesday, May 27, 2003 - 1:45AM

The House Committee on Financial Services approved two high-profile affordable housing bills last week by voice vote. H.R. 1276, the American Dream Downpayment Act, would provide $200 million in grant funds for low-income, first-time homebuyers across the United States. The grants would be distributed through the Department of Housing and Urban Development’s (HUD) HOME program. HUD estimates that the $200 million would assist approximately 40,000 low-income families with downpayment and closing costs on their homes. The committee also approved H.R. 1614, the HOPE VI Program Reauthorization and Small Community Main Street Rejuvenation and Housing Act, which would provide public housing authorities with incentives to form partnerships and create mixed-income affordable housing.

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