[Congressional Record Volume 140, Number 15 (Tuesday, February 22, 1994)]
[Senate]
[Page S]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: February 22, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
                              HOUSEDENVER

  Mr. CAMPBELL. Mr. President, recently, the Federal National Mortgage 
Association, Fannie Mae, and the city and county of Denver announced a 
5-year, $1 billion affordable housing investment program. This 
initiative--known as HouseDenver--would provide financing for 10,000 
housing units for low- and moderate-income families in Denver. This 
represents the largest private financial commitment to affordable 
housing in the history of Denver.
  HouseDenver represents a new way of thinking about old problems. No 
longer does Washington have the only answer to affordable housing. No 
longer can the Federal Government do it alone. We need a new approach, 
and I believe the HouseDenver initiative is part of that new approach.
  HouseDenver will give many low- and moderate-income families, who 
have had trouble qualifying for a home mortgage, a chance to buy a 
home. Under the HouseDenver plan, a larger percentage of homeowners' 
income will go toward house payments--33 percent of their gross income 
compared with the current limits of 28 percent.
  The plan's main intent is to leverage public sector funds and to act 
as a catalyst for further private sector investment in Denver's 
community development efforts. The public-private initiative combines 
the resources of the private mortgage lending community with Fannie Mae 
in the national secondary mortgage market to leverage the limited 
public funds of the city. Yes, public funds are being used, but only by 
combining these with private capital and the homebuyers' own funds.
  HouseDenver is a new idea that will serve as an example for other 
cities across the country. I applaud Fannie Mae's efforts and the 
efforts of the city of Denver in working to help families in Denver 
achieve the American dream of home ownership.

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