Albio Sires: “I am very happy to be here debating this bill to help public housing authorities across this Nation. Let me start by…”

“I am very happy to be here debating this bill to help public housing authorities across this Nation. Let me start by thanking Chairman Barney Frank for his support on this bill and his leadership in the committee. Let me start by explaining why I introduced this bill. Shortly after I was sworn in, I received a letter from the Jersey City Housing Authority in my district. They told me they had laid off 34 employees because of asset management. When I looked into this, I learned that Jersey City was not unique. Over 800 public housing authorities had their operating budgets cut because of the way asset management was implemented by the U.S. Department of Housing and Urban Development. At the same time, the Department limited the amount of flexibility given to public housing authorities to make ends meet. I knew something had to be done. With the support of Chairman Frank, Chairwoman Waters, and others, I introduced H.R. 3521, the Public Housing Asset Management Improvement Act of 2007. You will note that the title indicates that the bill improves asset management. It does not, and I repeat, it does not put an end to asset management. That is because I feel strongly that the goals of the asset management are worthwhile. By making public housing authorities run more efficiently, asset management has the potential to improve the lives of all those who live in public housing in this country. My bill simply makes four improvements to the asset management rule.”