Bill Pascrell: “I first of all commend the chairman and the ranking member for putting a great bipartisan bill together concerning…”

“I first of all commend the chairman and the ranking member for putting a great bipartisan bill together concerning government-sponsored enterprises. In addition to establishing a very strong, independent regulator, the legislation will also create a sorely needed affordable housing fund. The housing fund will help people with low incomes who face the greatest difficulty in finding housing that is available and affordable; but as we put forward this new housing fund, I do not think the manager's amendment is a very good one. We should never force nonprofits to choose between providing affordable housing and encouraging full participation in the American Dream. The housing trust fund will provide a much-needed stimulus to our American economy, but it is not only low-income Americans who suffer from lack of affordable housing. I would ask the gentleman to please be cognizant of what I am saying. I know my district and the area within my district. A recent study has found that 4.8 million working families, many of them middle-income, have faced critical housing needs in recent years, spending more than half of their income on rent or living in substandard housing. To help struggling middle-class families, it is essential that we preserve section 123 of this bill, which raises the conforming loan limit by up to 50 percent for certain high-cost housing areas.…”