Small Business Financing And Investment Act Of 2009
Floor Speech
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Mr. BUCHANAN. Thank you, Madam Chair. Thanks for your leadership. I'd also like to thank my colleague, Mr. Nye, for working with me in a bipartisan manner to address this issue that I believe is long overdue.
Our amendment will extend SBA loans to homeowners who have residences that are suffering from toxic Chinese drywall. An estimated 36,000 residents in my home State of Florida are believed to have this hazardous material.
For most families, their house is their biggest investment. I have met with homeowners across my district who have seen their property values plummet and their health care concerns grow. The American Dream of home ownership has become a nightmare for these families.
The real life story of one of my constituents, Jim Silverblatt, comes to mind. Jim bought a house in beautiful Venice, Florida, for $680,000 in 2006. He retired from UPS as a supervisor and invested another $125,000 in his residence. He has over $800,000 in that house. However, due to the damage caused by the toxic drywall, Jim's home is now appraised at just $155,000, and is uninhabitable in the warm weather.
Jim's story is all too common in Florida in general. Many of my constituents in our area that I have talked to, they have had to move out of their homes and they're renting another place. They're paying two mortgages at the same time. While this amendment doesn't fix everything, it represents much-needed progress for all these families. I urge passage.
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Mr. MARIO DIAZ-BALART of Florida. I thank the distinguished gentlewoman and I want to thank Congressman Buchanan for bringing this up.
Madam Chair, as you have heard before, this is a nightmare. This Chinese drywall is a nightmare. These people can't live in their homes; they can't sell their homes; they can't rent their homes. There are potential health hazards while they are there. This amendment would really provide immediate assistance to a number of homeowners to allow them to repair their homes.
Again, Congress has to do everything we can to help these individuals who are stuck in this horrible nightmare situation. This is a very, very good, commonsense amendment. I encourage this Congress to adopt this amendment.
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