House Subcommittee Approves Bill to Increase Affordable Housing

Wednesday, July 23, 2003 - 1:45am

The House Financial Services Housing and Community Opportunity Subcommittee, chaired by Rep. Bob Ney (R-Ohio), by a voice vote yesterday approved for full committee consideration a bill to increase affordable housing availability for low- and moderate-income families. H.R. 1985, the FHA Multifamily Loan Limit Adjustment Act of 2003, which was introduced by Rep. Gary G. Miller (R-Calif.) and Barney Frank (D-Mass.), would allow the Department of Housing and Urban Development (HUD) Secretary to increase multifamily mortgage loan limits for Federal Housing Administration (FHA) insured properties in high-cost areas from the current level of 110 percent to as much as 170 percent above their base loan limits.