|FOR IMMEDIATE RELEASE:||
CONTACT: Jesse Jacobs, Rianna Brown
|Wednesday, August 1, 2001||
The Senate Banking, Housing and Urban Affairs Committee unanimously approved legislation, S. 1254, reauthorizing the "Multifamily Assisted Housing Reform and Affordability Act of 1997," known as "Mark-to-Market" through 2006.
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).
During discussion of the bill, an amendment was adopted by voice vote, offered by Senator Wayne Allard (R-CO) that would require the General Accounting Office to submit a series of reports to update Congress on the functioning of the "Mark-to-Market" program.
The Committee also approved by voice vote and sent to the full Senate the following nominations: