Political Quotes

“Affordable Housing Expansion Act of 2002 (Introduced by Senators Bond and Collins) TITLE I--PRODUCTION OF NEW HOUSING FOR EXTREMELY LOW-INCOME AND VERY LOW-INCOME FAMILIES Establishes a $1 billion block grant program beginning in 2003 that would allocate funds to state housing finance agencies on a per capita basis according to the population of the state. No state would receive less than $6 million. Allows funds to be used for acquisition, new construction, reconstruction, or moderate or substantial rehabilitation of affordable housing; permits funds to be used for rehabilitation needs and preservation of existing assisted low-income housing (although no more than 20 percent of the funds can be used for rehabilitation and preservation); allows conversion of existing housing to housing for the elderly or for persons with disabilities. Requires states to meet a 25 percent matching requirement to ensure accountability and to leverage additional funds. Requires housing developed to be low- and mixed-income housing with at least 30 percent of the assisted unites targeted to extremely low-income families (families at or below 30 percent of medium income); remaining assisted units would be targeted to very low-income families.”