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Housing Opportunity Through Modernization Act of 2015

Floor Speech

Date: Feb. 2, 2016
Location: Washington, DC
Issues: Senior Citizens Housing and Property

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Mr. DeSAULNIER. I thank the gentlewoman for yielding.

Mr. Chairman, with this bill, we have an opportunity to address an inequity with how the Department of Housing and Urban Development treats condominiums, particularly in senior communities.

Across the country and in my district in the Bay Area, condo communities have been missing out on access to mortgages due to an unnecessarily restrictive rule. The rule's intent is good, but, in practice, it unduly harms seniors, families, and communities.

One community in my district in the East Bay of the Bay Area, Rossmoor, is home to thousands of seniors, many of whom need access to HUD-backed mortgages to enhance their financial security. I am pleased that this bill is a step in the right direction to allow these residents and residents in other condo communities around the country to benefit from the same mortgage rules that are available to other homeowners.

I appreciate the hard work done by the chairman and ranking member of the subcommittee on this important issue, and I look forward to working with them to continue to protect these deserving communities.

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