Facilitating Preservation of Certain Affordable Housing Dwelling Units

Floor Speech

FACILITATING PRESERVATION OF CERTAIN AFFORDABLE HOUSING DWELLING UNITS -- (House of Representatives - May 06, 2008)

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Mr. CASTLE. Madam Speaker, I yield myself 4 minutes.

Madam Speaker, today I rise in support of H.R. 5937, a bill to preserve the affordability of the Starrett City development, the largest federally subsidized housing project in the country. This bill is a bipartisan effort with our colleagues from the New York delegation in the House, as well as Senator Schumer, to maintain affordable housing in one of the most unaffordable cities, New York City.

The current owners of Starrett City intend to sell the project. This legislation will ensure that Starrett City remains an affordable housing resource for Brooklyn residents when the sale is completed. H.R. 5937 allows HUD, per the request of the project's private owners, to convert the project's section 8 and rental assistance payments contract into project-based section 8 contracts. All existing tenants receiving housing assistance under the existing contracts will remain eligible for assistance under the new project-based section 8 contracts. If this bill is enacted, 5,881 affordable housing units will be preserved for 14,000 residents.

This bill will not result in any additional cost to the Federal Government. In fact, by preserving existing housing, this bill could result in cost savings. The owners of Starrett City are in favor of this legislation, in addition to the State of New York and the residents of Starrett City.

I urge my colleagues to join me in support of this important piece of legislation.

I reserve the balance of my time.

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