Political Quotes

“I thank Senator Mack for raising these concerns. I completely agree that it is critical that the PAEs be in place by October if the program is to be able to operate at that time. I also add that the consequences of not implementing mark-to-market in a timely manner are serious and could create havoc with contract expirations and renewals. Even if the program is only delayed, HUD may have to extend the contracts at above market levels to provide the PAEs adequate time to restructure the properties. This will result in additional costs to the government and result in shortfalls in the appropriation for renewals. Further, the uncertainty surrounding the rules and regulations of the program will make it difficult for project owners and residents to prepare for mark-to-market. Mr. President, based on the Administration's less-than-adequate performance in selecting restructuring agents under the mark-to-market demonstration programs, I would say that the concerns expressed by the Chairman of the Housing Subcommittee are valid.”