Sign Up For Novogradac Industry Alert Emails

Senate Banking Committee Approves Bill to Reauthorize Multifamily Assisted Housing Reform and Affordability Act of 1997

Wednesday, August 8, 2001 - 1:45AM

On August 1, the Senate Banking Committee approved S. 1254, which would reauthorize the Multifamily Assisted Housing Reform and Affordability Act of 1997. The bill would extend the Section 8 Mark-to-Market program for five years. S. 1254 and H.R. 2589, a House bill that would extend Mark-to-Market for three years, would bring the Office of Multifamily Housing Assistance Restructuring (OMHAR) under the Federal Housing Administration. In addition, the Senate bill would expand HUD’s power to determine which projects would be subject to the Mark-to-Market program, as well as determine those projects’ rents. Sen. Wayne Allard (R-Colo.) offered an amendment that would require the General Accounting Office to provide annual evaluations of the program.

Learn more about Novogradac's expertise and many services