Barney Frank: “Forty years ago and more, or about 40 years ago, we began... a program of affordable housing where the Federal…”

“Forty years ago and more, or about 40 years ago, we began... a program of affordable housing where the Federal Government lent people money at either no interest or very low interest in return for it being affordable, but for some reason they put what they called an expiration date of 40 years. Now, we stand to lose a lot of housing that is good housing currently affordable. We are looking for ways to let that be transferred to others who would keep that it way. I think HUD is being overly technical in some of these interpretations. It would clearly be in everybody's interest, for no budgetary cost we can preserve these units.”