Political Quotes

“I rise to speak in favor of S. 1299--the Multifamily Property Disposition Reform Act of 1994. The Senate first passed S. 1299 last November on a unanimous vote. On Tuesday this week, the House also passed S. 1299, with amendments, by an overwhelming majority. The bill we will pass today closely resembles the original Senate-passed bill and I urge its adoption. S. 1299 represents a major step forward in making the Department of Housing and Urban Development [HUD] a more effective partner--with State and local governments and the for-profit and nonprofit housing providers--in the provision of decent, safe, and sanitary housing in this country. This bill incorporates important improvements to HUD's programs that will allow HUD Secretary Cisneros to move forward in solving some of the more intractable problems confronting his Department. At the core of this legislation are reforms to the way in which HUD disposes of properties it acquires as a result of defaults on FHA-insured mortgages. The problems with the current HUD multifamily property disposition statute are revealed by the basic statistics: the HUD-owned inventory of multifamily properties quadrupled between 1989 and 1993 to over 31,000 units. By the end of this year, the HUD-owned inventory will likely double again, to over 69,000 units.”