Political Quotes

“The conference report adopts a bipartisan strategy to build on the section 8 multifamily housing portfolio restructuring demonstration which was adopted as part of the HUD fiscal year 1996 appropriations bill, H.R. 3019, a further downpayment toward a balanced budget. The conference report establishes a revised demonstration program to emphasize that portfolio restructuring needs to be undertaken to reform and improve the FHA multifamily housing programs from a financial and operating perspective, but not to abandon the long-term commitment to resident protection and ongoing low-income affordability. The revised demonstration, therefore, continues to give HUD a number of flexible tools for restructuring section 8 assisted, FHA-insured projects, while emphasizing the preservation of the existing stock as low-income housing by generally restructuring these FHA-insured mortgages and reducing the cost of renewing the section 8 contracts.”