File: 
HR 5872 Industry Support Letter - Frank.pdf

Summary

  • On July 28, the House passed legislation to keep the Federal Housing Administration (FHA) multifamily loan programs, including the FHA-HFA Risk-Sharing program, running through the end of this fiscal year.  NCSHA and other groups signed the below letter supporting the bill and urging Congress to enact it quickly. 


    July 28, 2010

    The Honorable Barney Frank
    United States House of Representatives
    Washington, DC 20515

    Dear Representative Frank:

    Our organizations would like to express strong support for H.R. 5872, The General and Special Risk Insurance Funds Availability Act of 2010. Recently, the Federal Housing Administration (FHA) notified Congress that it had exceeded 75 percent of its commitment authority to insure mortgages under the General Insurance and Special Risk Insurance (GI/SRI) Fund. FHA Commissioner David Stevens further warned that without an additional $5 billion in commitment authority, the agency’s current limitation would be fully exhausted by late August or September.

    FHA is now facing the real possibility that it will have to shut down the multifamily and health care insurance programs. Without swift passage of H.R. 5872, needed affordable rental housing and health care facilities could be at risk of losing time-sensitive financing and subsidy commitments as a result. Properties with maturing loans that must refinance could be at risk of losing the only source of refinancing available in the market at this time. The consequence is the delay or loss of bringing affordable housing to those people who need it so much.

    As you know, during this period of significant turmoil in the credit markets, FHA’s multifamily and health care programs have been a critical source of stable and affordable financing. We cannot afford a suspension of these important programs now.

    We strongly urge Congress to act expeditiously to provide FHA with the additional commitment authority it is seeking. Failure to do so before Congress recesses this summer will cause significant disruptions to financing for apartment, hospital, and health care facilities that serve millions of Americans. We thank you in advance for your support for H.R. 5872.

    Sincerely,

    American Health Care Association
    American Association of Homes and Services for the Aging
    American Seniors Housing Association
    Assisted Living Federation of America
    Coalition for Seniors Health Care Reform
    Council for Affordable Rural Housing
    Committee on Health Care Financing
    Housing Partnership Network
    Institute of Real Estate Management
    Institute for Responsible Housing Preservation
    Mortgage Bankers Association
    National Apartment Association
    National Affordable Housing Management Association
    National Association of Affordable Housing Lenders
    National Association of Home Builders
    National Association of Realtors
    National Council of State Housing Agencies
    National Leased Housing Association
    National Multi Housing Council
    New York Housing Coalition
    Settlement Housing Fund
    Stewards of Affordable Housing for the Future
    Volunteers of America