The National Association of Realtors® and the Mortgage Bankers Association of America have thrown their muscle behind H.R. 3995, the “Housing Affordability for America Act of 2002” introduced last month by Rep. Marge Roukema (R-N.J.).
The legislation contains a number of NAR- and MBA-backed components, including provisions that will make permanent the Federal Housing Administration’s down payment simplification formula, create an affordable housing production program, index the FHA multifamily loan limits to inflation, repeal the scheduled increase in the Ginnie Mae guaranty fee and reduce FHA down payments for teachers and public safety officers.
“We believe the time has come to address our nation’s affordable housing crisis as a national priority. The omnibus housing bill introduced by Rep. Roukema proposes several viable solutions that not only address the shortage of affordable housing, but also eliminate programmatic and policy barriers that are effectively hindering rental housing opportunities and home ownership. Realtors® around the country stand ready to work with Congress and the administration to gain passage of this important housing bill,” said NAR President Martin Edwards Jr.
“We commend Rep. Marge Roukema for introducing the first comprehensive housing bill in the 107th Congress. With this bill and her strong leadership as chair of the House Subcommittee on Housing and Economic Development, Rep. Roukema has demonstrated her long and laudable commitment to affordable housing,” said MBA Chairman Jim Murphy.