Political Quotes

“we raised this issue and filed this amendment yesterday. We had a good discussion on it. We had it printed. We wanted everybody to have an opportunity to look at it. As I advised yesterday, this is an attempt to deal with a very complex problem that has some real consequences. HUD has given us estimates that if we don't do something with the oversubsidized section 8 contracts for multifamily housing, we are going to do one of two things: No. 1, if we continue to renew the contracts at existing rates, these are multifamily units where subsidies were granted in the form of section 8 rental payments to get people to develop housing for the elderly in rural areas, needed housing in urban areas, these overmarket rent section 8 contracts would have an exploding cost. The appropriations for this year would be about $4.3 billion; for 1998, $10 billion; $16 billion by fiscal year 2000. The actual cost each year would grow from $1.2 billion in fiscal year 1997 to $4 billion in fiscal year 2000 and to $8 billion in 10 years. Those are the costs. If we just refuse to renew the contracts, we could have tens of thousands of people who depend upon these section 8 subsidized contracts thrown out on the street. These could be elderly people in rural areas. These are people in many parts of the country where there are no readily available alternatives for which vouchers could get them housing.…”