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FHA Multifamily Loan Limit Adjustment Act of 2006

Date: Sept. 27, 2006
Location: Washington, DC
Issues: Housing and Property


FHA MULTIFAMILY LOAN LIMIT ADJUSTMENT ACT OF 2006 -- (House of Representatives - September 27, 2006)

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Ms. ZOE LOFGREN of California. Madam Speaker, this is a day I have waited for for a long time, and I really want to commend the author, the ranking member, Ms. Waters, and all of the committee for bringing this bill before us.

I come from a county where the median price of a single-family home is almost $800,000, where 800-foot condos sell for about $500,000. As you might imagine, the FHA program simply does not work and hasn't for a long time.

Recently, there was an analysis done in California. Factoring in housing costs, California has one of the poorest populations of the 50 States, and this measure is going to help tremendously for normal working families to have an opportunity to get that piece of the American Dream. And I really am very pleased that it is here today. I think I have asked Mr. Frank on a weekly basis when this is going to be done, and I really commend you for moving this forward and I understand there is a significant chance the Senate will do so as well. It is very important.

I thank the gentlewoman for yielding.

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