Senate Passes Bill that Includes Housing Issues
The Senate this week passed S. 811, the “American Dream Downpayment Act,” legislation that contains several provisions designed to increase rental and homeownership opportunities. S. 811 would boost the new limits for FHA-insured multifamily loans in high-cost areas such as New York, Boston, San Francisco, Chicago and Los Angeles from the current 110 percent above the base limit to 140 percent above the limit. For special projects in high-cost areas, the U.S. Department of Housing and Urban Development (HUD) Secretary would have the discretion to raise the maximum loan limit up to 170 percent above the base. The bill would also authorize $200 million annually in grants to assist low- and moderate-income home buyers with downpayment and closing costs. Click here for the latest version of S. 811.