|FOR IMMEDIATE RELEASE:||CONTACT: CHRISTI HARLAN|
|Tuesday, August 3, 1999||202-224-0894|
Sen. Wayne Allard, chairman of the Subcommittee on Housing and Transportation, has announced a hearing on the Office of Multifamily Housing Assistance Restructuring of the Department of Housing and Urban Development.
The office was created to oversee the restructuring of HUD's multifamily portfolio of FHA-insured Section 8 housing projects. Restructuring would include "marking down" rents to market levels and reducing mortgage debt if necessary.
"We will be examining the effectiveness of the ‘mark-to-market' program with specific emphasis on the current status of projects with expiring contracts," Allard said.
Committee on Banking, Housing and Urban Affairs
Subcommittee on Housing and Transportation
9:30 a.m. Thursday, August 5, 1999
538 Dirksen Senate Building
The Honorable Ira G. Peppercorn, Director
Office of Multifamily Housing Assistance Restructuring
Department of Housing and Urban Development
Mr. Steven D. Pierce, Executive Director
Massachusetts Housing and Finance Agency
Mr. John T. McEvoy, Executive Director
National Council of State Housing Agencies
Ms. Deborah Whitaker, Vice President
Community Preservation Corporation
New York City, New York
Mr. Michael F. Petrie, President
P/R Mortgage and Investment Corporation