James A. Leach: “the amendment being offered today, S. 1452, the Manufactured Housing Improvement Act combines a number of important…”

“the amendment being offered today, S. 1452, the Manufactured Housing Improvement Act combines a number of important banking and housing proposals that are supported in the House on a bipartisan basis. With regard to housing, the committee amendment takes from H.R. 1776, the American Homeowners Act, which passed the House by a vote of 417 to 8 on April 6. There are also provisions drawn from H.R. 202, Preserving Affordable Housing for Seniors and Vulnerable Families into the 21st Century, another bipartisan bill designed to help the elderly and disabled with their housing needs which passed the House on September 27 by a strong vote of 405 to 5. Let me stress that the housing provisions in this bill are a testament to the extraordinary work and thoughtfulness of the gentleman from New York (Mr. Lazio), who is the chairman of the subcommittee, and reflect substantial bipartisan input from the minority, particularly the gentleman from New York (Mr. LaFalce) and the gentleman from Massachusetts (Mr. Frank). Affordable housing is increasingly out of the reach for many Americans. A strong economy has created a situation where in many parts of the country the price of housing is simply going up faster than income levels. Secondly, although interest rates are not as high as at other times in our history, an unprecedented differential has nevertheless come into being between inflation and long-term interest rates, making financing of a home purchase extremely difficult.”