Section 8 Voucher Reform Act of 2007

Floor Speech

SECTION 8 VOUCHER REFORM ACT OF 2007 -- (House of Representatives - July 12, 2007)

BREAK IN TRANSCRIPT

Mr. MARKEY. Madam Chairman, I rise with an amendment that I am making in conjunction with the gentlewoman from Ohio (Ms. Pryce). Our language seeks to make some technical corrections to ensure that affordable housing is preserved in three housing developments, two located in Ohio and one in Massachusetts.

The low-income tenants of the Heritage Apartments in Malden, Massachusetts, are facing possible displacement once an outstanding HUD mortgage is fully paid in a few years. The development is also in need of major renovations and upgrades that simply cannot be delayed. Unfortunately, HUD is failing to ensure that the development remains affordable and livable by placing burdensome regulations and restrictions on prepayment of the outstanding mortgage and subsequent transfer to a new owner who is willing to finance the renovations. My amendment would allow income-eligible residents to qualify for enhanced housing vouchers following the prepayment of the HUD mortgage and the property transfer and directs HUD to approve such actions.

I will defer to the gentlewoman from Ohio (Ms. Pryce) to explain the portion of our amendment which deals with maintaining affordability in housing developments located in her congressional district in Ohio.

The Congressional Budget Office has determined that adoption of this language would result in $1 million in net savings to current mandatory spending over the next 5 years because HUD is currently paying mortgage interest reduction payments for the development which would be nullified upon adoption of the Markey-Pryce amendment.

The amendment is supported by the chairman of the committee and the ranking member. It is also supported by the Institute of Real Estate Management, National Apartment Association, and the National Association of Home Builders. And I urge adoption of the amendment.

BREAK IN TRANSCRIPT

Source