Connie Mack: “I would like to stress that the credibility of HUD is directly linked to its successful implementation of the…”

“I would like to stress that the credibility of HUD is directly linked to its successful implementation of the mark-to-market program. It is imperative that the Department not only ensures that the program is implemented in time and in compliance with the letter and spirit of the law, but it also ensures a smooth transition. I believe that the legislation provides the Secretary with sufficient flexibility in selecting PAEs and would highly recommend that the Secretary use its current restructuring agents to continue as PAEs under the permanent program, especially if the program is to be implemented in time. As I have advocated before, I would specifically recommend the use of State and local HFAs as PAEs. HFAs have proven that they have the capacity and willingness to serve as the federal government's partners in affordable housing. Thirty HFAs have been qualified by HUD to participate under the mark-to-market demonstration program. Twenty-eight HFAs are participating in the FHA risk-sharing program. Almost every state HFA has administered the successful Low Income Housing Tax Credit program since the Congress created it in 1986. HFAs have financed more than 200,000 Section 8 units and administer Section 8 contracts on behalf of HUD in many cases. Thirty-four HFAs administer the HOME program, under which multifamily properties are being financed every year.”