It is worth mentioning that the House and Senate have each approved their respective versions of the emergency supplemental appropriations bill for military operations and reconstruction of Iraq and Afghanistan. These bills each total around $87 billion, with about $20 billion directed for reconstruction efforts in Iraq. Drawing the ire of the White House, the Senate narrowly approved an amendment to make $10 billion of the reconstruction money into a loan. The House bill includes no such provision. Differences must now be worked out in a conference committee.
Senate Banking Committee
This week, the Senate Banking Committee approved the American Dream Downpayment Act (S 811). Sponsored by Senator Wayne Allard (R-CO), S 811 authorizes a $200 million set-aside in the HOME program for downpayment assistance for low-income, first-time homebuyers.
During the mark-up, Senator John Corzine (D-NJ) offered an amendment to increase the FHA multifamily loan limits in high cost areas. According to a press release issued by Senator Corzine, the amendment raises the loan limits to 140% percent of the statutory base limit in high cost areas and to 170% on a project-by-project basis in high cost areas. The amendment was approved by the committee. NAHMA endorsed Senator Corzine’s similar free-standing bill, S. 1714, which raised the loan limits to 170% of the statutory base in high cost areas and on a project-by-project basis.
S 811 must now be approved by the full Senate. The House passed its version of the American Dream Downpayment Act (HR 1276) on October 1 and its version of the FHA multifamily loan limit increase (HR 1985) on October 7.
