Posted on 11/11/2008 5:22:21 PM PST by Libloather
Leader of New Congress Promises to Preserve, Build Affordable Housing
Published: November 06, 2008
By Anuradha Kher, Online News Editor
Boston--U.S. Representative Barney Frank (D-MA), chairman of the House Financial Services Committee, recently laid out affordable housing legislative priorities for the 111th Congress during the National Housing & Rehabilitation Association (NH&RA) Fall Developers Forum held recently in Boston.
Representative Frank emphasized that an affordable housing preservation bill will be a top priority when the Congress convenes in January. Congressman Frank delivered his remarks after accepting NH&RA’s 2008 Affordable Housing Vision Award.
“We are certainly happy that the chairman of the House Financial Services Committee has made a strong commitment to the preservation of affordable housing and equally strong commitment to production,” Peter H Bell, executive director of NH&RA, tells MHN. “Of course, all this will take time. The new Congress has to get sworn in go through the regular process. It might be somewhat accelerated due to the urgency of the situation.”
Congressman Frank noted, “First, we’re going to deal with [affordable housing] preservation. Any owner of subsidized affordable property who would like to keep those units in the inventory will get full cooperation from the law. We'll do exit tax relief. We’ll do whatever it takes. Because if you’re trying to keep an inventory of affordable housing, preserving what we have makes so much more sense than letting that go out of the inventory and starting from scratch.”
Bell explains that the exit tax relief, which has been talked about for many years, will refresh the stock of affordable housing inventory.
Congressman Frank also said that he and his staff are working closely with the House Ways & Means Committee to create a new set of programs that will enhance the development community’s ability to provide high-quality housing as well as also address the lack of liquidity in today’s affordable housing debt and equity markets.
He emphasized the importance of maintaining the affordable rental housing sector, noting that the country was in its worst economic situation since the Depression “in substantial part because it became the philosophy in America to denigrate rental housing and to assume that only if someone owned his or her own home, could that person live decently. Going forward, there is now a recognition that homeownership is a good thing for many people, but there are tens of millions of Americans for whom homeownership is not economically or, in some cases, socially, appropriate--that the alternative has to be decent, affordable rental housing.”
“The Obama administration will actively support these initiatives because Sen. Obama has spent time as an urban activist and is attuned to the housing problems, particularly for low-income residents,” says Bell.
And Chris Dodd is looking into companies willing to give out sweetheart deals.
Don't forget - Barney Frank RAT-MA: U.S. is in worst economic crisis since Great Depression (gets a standing 'O')
MORE CABRINI GREENS!!! Yeah, that’s the ticket!!
Yahbut this time they'll really be green buildings.
Sheesh.
Some people get kicked in the head by a mule,they get it....
some get kicked 15-20 times,still don’t get it.
We are so screwed.
Since there is no money, his project will never get off the ground
Barney Frank’s Boyfriend must have some LAND to sell....or else he’s in the building business and will get the bid.
Why not? It got democrats in my neighborhood screwing up vote paid for my my taxes, local program.
Bail Rezco out of jail and put him in charge of housing and urban development, just look at the swell job he and Obama have done in thier community.
I’ve got 7 HUD homes being built down the street from me.
what happens , prices go down on homes round here.
maybe they can build these homes in chappaqua, Westchester county, San Francisco Boulder CO.
hey they voted for him let them have his beliefs, hey let them build projects right next to their big mcmansions.
They say they believe in diversity so good let them have it
we don’t live in a high class area by far from it but we do work in a blue collar hard working area where people go to work and work hard for their house.
They spend money on their house and do the work , we help other neighbors and it is a nice place to live but now this Doc from I think he is Saudi has found a way to buy some land down the street and build 7 HUD homes thus making our property value go down and who knows who might move in .
We saw the plans for the houses and my word they are about 800sq ft with no yard at all.
The contractor is in jail again as he advertisers on his website he is qualified but he is not.
He’s been in for armed robbery, assaulting police, DUI, domestic violence and etc etc.
This time the police got him for DUI, resisting arrest, refusing the breath test, they found a loaded gun in his truck so he won’t be around for many years so who knows what is going on right now.
We believe his girlfriend will take over the project for him as it is she who has the license
Like I said it is not high class round here far from it but we do believe all of us that we work for what we get and want , none of us believe we get freebies or cheap deals for those who do not put the work in
As for the APTS , they tried that round here too but we stopped them as we are zoned as open rural and they had to rezone us to residential which meant neighbors could go to the meeting and stop it and this we did
Liberals need to stop giving these handouts.
Let the people work for what they want and let the system play out as it should.
Everything was fine until they gave out these freebies and deals for those who could not afford the house.
If the 15% down was still in then it shows if you can save that much you are responsible for a house and you really want to have one.
If you give nothing down loans then all they have done is give to folks who might not be responsible in the first place and will try for something they cannot afford in the first place .
Franks and Dodds should be forced to step down, liberalism does not work , look at the mess of MI,MA,RI,etc
If Frank were to do it with his own money, I’d be all for it.
Yes, of course there is money as long as there are taxpayers.
They’re not going to build them new housing...they’ll just buy up all the “excess” (and empty) condos in cities like Chicago and Miami. We get to bailout developers like Donald Trump and provide nice, new, clean housing for 0bama’s friends, rent free. Another bailout, economy saved.
The 20% who did manage to close on those properties sure are going to love their new neighbors.
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