|FOR IMMEDIATE RELEASE:||CONTACTS: JESSE JACOBS - 202-224-4524|
|Wednesday, June 13, 2001||GREG MCCARTHY (Sen. Reed) - 202-224-4642|
Senator Paul Sarbanes, the Chairman of the Senate Banking, Housing and Urban Affairs Committee, has announced that the Subcommittee on Housing and Transportation will hold a hearing on the reauthorization of the "Multifamily Assisted Housing Reform and Affordability Act of 1997," known as "Mark-to-Market." Senator Jack Reed of Rhode Island will preside.
The Act, which expires on September 30, 2001, created a program that enables the Department of Housing and Urban Development to reduce rental assistance payments to market levels and restructure the underlying FHA-insured mortgages to levels that can be supported by lower rents. The legislation also established an independent office within HUD, called the "Office of Multifamily Housing Assistance Restructuring (OMHAR)." Both programs expire at the end of the fiscal year.
The hearing will be held:
TUESDAY, JUNE 19, 2001
538 DIRKSEN SENATE OFFICE BUILDING
Scheduled to appear before the Subcommittee are: