10-24-00, Press Release

	CURRENCY Housing and Community Opportunity Subcommittee
Rick Lazio, Chairman
For Immediate Release:	Contact: Joe Ventrone: (202) 225-6634
October 24, 2000	joe.ventrone@mail.house.gov

Press Release

Lazio Homeownership Bill Passes House

Washington, D.C.-The U.S. House of Representatives today unanimously approved comprehensive housing legislation authored by Rep. Rick Lazio (R-NY), Chairman of the Subcommittee on Housing and Community Opportunity, the "American Homeownership and Economic Opportunity Act." The legislation, S. 1452, contains provisions from H.R. 1776, Lazio’s homeownership and economic development legislation, and H.R. 202, a Lazio bill designed to provide housing assistance for elderly and disabled families. S. 1452 is the product of discussions between the House and Senate over the last few months.

"Hundreds of thousands of New Yorkers and working families across America will now have a better chance to reach their dream of owning a home," Rep. Lazio stated. "For regions of the country where real estate and rental costs are unusually high, such as my home state, our initiatives can mean the difference between renting and owning a home, helping thousands of New Yorkers and other Americans become homeowners."

Rep. Thomas Reynolds (R-NY), a cosponsor and supporter of the bill stated, "Rick Lazio has led the fight in Congress for working families in need of affordable housing," Rep. Reynolds stated. "Particularly in New York where the cost of real estate can price families out of the market, Rep. Lazio's work will help bridge the gap for working families who otherwise might fall short of their dreams because of downpayment requirements and other costs."

Rep. Lazio’s homeownership bill, H.R. 1776, previously passed the House on April 6, 2000, by a vote of 417 to eight. His legislation helping seniors and the disabled, H.R. 202, passed the House on September 27, 1999, by a vote of 405 to 5.

Commenting on the bill’s provisions allowing low-income families to use existing rental assistance toward homeownership, President of the Community Development

Corporation of Long Island Marianne Garvin stated "This unique and innovative approach to homeownership would not have been possible without the leadership and vision of Rick Lazio. Recognizing the importance of lifting families out of poverty and into stabilizing communities, Congressman Lazio crafted the legislation necessary for housing agencies to add this effective financing tool to advance homeownership."

Christopher D. Boesen, Executive Director of the National American Indian Housing Council commented, "We sincerely appreciate the work that Mr. Lazio continues to do on behalf of Native American communities nationwide. This bill will make significant improvements to the lives of Native families from Hawaii to Alaska to New Mexico to New York by making more and better housing available to low-income families."

Included in the "American Homeownership and Economic Improvement Act," are provisions that:

allow 1% downpayment requirements for teachers, law enforcement officers and other working families with mortgages insured by the Federal Housing Administration;
encourage local governments to reduce barriers to affordable housing and homeownership that arise from excessive regulation;
allow low-income families receiving Federal rental subsidies (Section 8 rent) to use the assistance for homeownership purposes, including downpayment assistance, so that instead of perpetually paying rent, families can build assets and capital;
reduce the costs for senior citizens refinancing Federally-insured reverse mortgages and establish consumer protections for participating homeowners;
target individuals with disabilities and for law enforcement officers in high crime areas for homeownership opportunities;
allow refinancings of Section 202 elderly projects so that the savings can be used for improvements to the properties;
expand housing opportunities for the elderly and people with disabilities;
facilitate homeownership by Native American families and establishes independent housing block grant and loan programs for Native Hawaiians;
allows for purchase as well as refinancings of hospitals, nursing homes and health care insured under Section 223(f) of the National Housing Act, and allow facilities, and allows mortgage insurance for new integrated health care facilities;
ensure that consumers have the right to cancel private mortgage insurance once a certain level of home equity is achieved; and
modernize and reform the regulatory process governing manufactured housing to improve the quality of manufactured housing, and afford continued consumer protection and safety.

The bill is supported by the, National Association of Home Builders, the Consortium for Citizens with Disabilities, the American Association of Homes and Services for the Aging, the National Association of Realtors, the Mortgage Bankers Association of America, the Manufactured Housing Institute, America’s Community Bankers, and the National Reverse Mortgage Lenders Association. The legislation now goes to the Senate for final consideration.

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Rick Lazio, Chairman