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.

WHAT:

Committee on Banking, Housing and Urban Affairs
Subcommittee on Housing and Transportation

WHEN:

9:30 a.m. Thursday, August 5, 1999

WHERE:

538 Dirksen Senate Building

WHO:

The Honorable Ira G. Peppercorn, Director
Office of Multifamily Housing Assistance Restructuring
Department of Housing and Urban Development
Washington, DC

Mr. Steven D. Pierce, Executive Director
Massachusetts Housing and Finance Agency
Boston, Massachusetts

Mr. John T. McEvoy, Executive Director
National Council of State Housing Agencies
Washington, DC

Ms. Deborah Whitaker, Vice President
Community Preservation Corporation
New York City, New York

Mr. Michael F. Petrie, President
P/R Mortgage and Investment Corporation
Indianapolis, Indiana