Political Quotes

“today I rise in support of increasing the FHA Multifamily loan limits. The FHA multifamily loan programs support the new construction and substantial rehabilitation of much needed affordable rental housing. Our Nation faces a growing affordable housing crisis for low- and moderate-income families. Yet the FHA multifamily loan limits have not been raised in 9 years. How can we expect the private sector to produce affordable rental housing, when they cannot receive affordable financing? Construction costs have risen more than 25 percent since the last increase. One simple way to stimulate the development of affordable housing in our communities is to increase the multifamily loan limits. In my home State of New York, the current limit is $87,226 per two-bedroom unit. In the last 4 years not one unit has been produced under the FHA multifamily loan program, due to that low number. The 25-percent increase established in this conference agreement would raise the limit in New York to $106,952. Mr. Speaker, I urge my colleagues to support this necessary and important increase that will benefit so many working families throughout our Nation.”