Political Quotes

“The law governing HUD's disposition of multifamily housing properties--that we are amending today--can be found in section 203 of the Housing and Community Development Amendments of 1978. S. 1299 amends and rewrites section 203 in its entirety, in order to streamline its provisions and to provide HUD with certain conditioned flexibility to dispose of the properties that it has acquired through mortgage defaults. Subsection (a) of the amended section 203 sets forth the goals that Congress requires the Department to follow in disposing of the properties it owns. In many instances, these goals may conflict, and the status directs the Department of balance these competing goals to the best of its ability and within available resources. Subsection (e) of section 203, as amended by S. 1299, mandates certain minimum subsidies and affordability requirements that the Department must provide to certain tenants or units. In the opening sentence of subsection (e), we have modified that requirement by a reference to only one of the goals of the statute, and I wanted to make it clear for the record why we included that modified language in this bill.”