Missouri Senator Introduces Affordable Housing Expansion Act

Thursday, October 3, 2002 - 1:45am

Senator Christopher Bond (R-Mo.) last month introduced S. 2967, the Affordable Housing Expansion Act. The bill includes a new loan guarantee for local housing agencies and a housing production block grant administered through state housing finance agencies (HFAs), and authorizes "thrifty" production vouchers. Under the provisions of the bill, the U.S. Department of Housing and Urban Development (HUD) would allocate the $1 billion to state HFAs on a per capita basis, with no state receiving less than $6 million. States would be required to meet a 25 percent matching requirement and no more than 20 percent of the $1 billion may be used for rehabilitation and preservation of existing affordable housing. Click here to access S. 2967.