[Congressional Record Volume 140, Number 100 (Wednesday, July 27, 1994)]
[Extensions of Remarks]
[Page E]
From the Congressional Record Online through the Government Printing Office [www.gpo.gov]


[Congressional Record: July 27, 1994]
From the Congressional Record Online via GPO Access [wais.access.gpo.gov]

 
DREAMS OF HOME OWNERSHIP NOW POSSIBLE FOR THOUSANDS IN CENTRAL NEW YORK

                                 ______


                          HON. JAMES T. WALSH

                              of new york

                    in the house of representatives

                        Wednesday, July 27, 1994

  Mr. WALSH. Mr. Speaker, on July 22, 1994, the House of 
Representatives overwhelmingly approved the Housing and Community 
Development Act of 1994. This is an example of Government passing a 
good piece of bipartisan legislation. I supported this bill because it 
will make the American dream of home ownership a reality for many of my 
constituents in central New York.
  I believe one facet of this legislation will benefit people most 
directly. H.R. 3838 will raise the current FHA-insured loan limit of 
$67,500, established back in 1979, to $101,575--and higher in areas 
where housing costs are above the national average--expanding home 
ownership opportunities for almost 2 million hard-working middle-income 
Americans who would otherwise be unable to purchase a home.
  The higher limits not only help new home buyers, they benefit all of 
us by fueling new home purchases and strengthening the economy. The 
construction and real estate industries employ thousands of central New 
Yorkers and with new home construction dipping in most parts of the 
country, this action is well timed.
  Although opponents contend that raising FHA loan limits will 
undermine the ability of low-income families to obtain loans, I 
disagree. Increasing the ceiling on loan amounts will shore up the 
insurance fund reserve and expand loan services to many who would 
otherwise be unable to afford a home.
  I applaud my colleagues for passing this bill and look forward to 
witnessing thousands of families realize their dream of owning a home.

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