Expanding American Homeownership Act of 2007

EXPANDING AMERICAN HOMEOWNERSHIP ACT OF 2007 -- (Extensions of Remarks - September 24, 2007)

[Page: E1951]

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SPEECH OF
HON. JOHN D. DINGELL
OF MICHIGAN
IN THE HOUSE OF REPRESENTATIVES
TUESDAY, SEPTEMBER 18, 2007

The House in Committee of the Whole House on the State of the Union had under consideration the bill (H.R. 1852) to modernize and update the National Housing Act and enable the Federal Housing Administration to use risk-based pricing to more effectively reach underserved borrowers, and for other purposes:

* Mr. DINGELL. Madam Chairman, I rise today to speak in favor of H.R. 1852, the Expanding American Homeownership Act of 2007. Section 29 of this bill is designed to clarify congressional intent regarding certain properties that entered the HUD property disposition process prior to the enactment of the Deficit Reduction Act but where the initial proposed disposition was delayed. An example of one such project is Parkview Apartments in Ypsilanti, Michigan. While I believe that this particular project is already subject to the grandfathering provision of the DRA, Section 29 clarifies that such properties should be considered ``pre-DRA'' properties, and that HUD should proceed with its prior disposition contracts as to those properties. This clarification was requested by HUD and, in drafting this provision, we were assisted by HUD staff and were assured that this language was the clarification the agency needed to proceed with the 2004 contract as to Parkview Apartments.

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