Political Quotes

“The demonstration program is significantly based on S. 2042. Like S. 2042, the demonstration program addresses the Department's capacity constraints by requiring HUD to form arrangements with qualified third party public entities. The demonstration program assumes that the participation of public entities such as State and local housing finance agencies will be encouraged and utilized to the fullest extent possible by HUD. In response to the Senator's concern about HUD's liquidation policy, the demonstration does allow HUD to transfer or sell up to 5,000 units of HUD mortgages to private sector parties. This provision is not intended to be used as means of liquidating the housing stock. Instead, the intent is to test the efficiency and effectiveness of using private sector entities to preserve the affordable housing stock at the lowest possible cost to the American taxpayer while recognizing the impact on communities and owners.”