Summary

H.R. 44 would strengthen the financial and regulatory tools used to preserve affordable housing.

Detail

The National Low Income Housing Coalition (NLIHC) reports:
The bill would amend existing law to again make the Up Front Grant program, which has been unfunded since 2005, a mandatory program supported by annual insurance premiums. The measure would also repeal the "flexible authority" HUD has used to limit its obligations to maintain and regulate affordability and quality requirements that will lead to future affordability and sufficient renovations of HUD-held and HUD-owned buildings. The bill would also require that project-based Section 8 contracts be honored under certain circumstances, such as foreclosure, and would require HUD to use standard appraisal industry practices when determining the value of HUD-held and HUD-owned buildings. H.R. 44 extends non-judicial foreclosure authority to units of local government and requires HUD to maintain an active database with information regarding a building's condition. /1/

Additional Links

/1/ National Low Income Housing Coalition (NLIHC) "Memo to Members" 1/5/07