[Congressional Record Volume 143, Number 79 (Monday, June 9, 1997)]
[Senate]
[Page S5417]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. D'AMATO (by request):
  S. 853. A bill to protect the financial interests of the Federal 
Government through debt restructuring and subsidy reduction in 
connection with multifamily housing; to enhance the effectiveness of 
enforcement provisions relating to single family and multifamily 
housing (including amendments to the Bankruptcy Code); to consolidate 
and reform the management of multifamily housing programs; and for 
other purposes; to the Committee on Banking, Housing, and Urban 
Affairs.


          the housing 2020: multifamily management reform act

 Mr. D'AMATO. Mr. President, as chairman of the Committee on 
Banking, Housing, and Urban Affairs, I introduce the Housing 2020: 
Multifamiy Management Reform Act at the request of the Secretary of the 
Department of Housing and Urban Development [HUD], the Honorable Andrew 
M. Cuomo.
  I am a cosponsor of separate legislation to reform HUD's multifamily 
housing inventory, the Multifamily Assisted Housing Reform and 
Affordability Act of 1997 (S. 513). While the Senate and the 
administration bills share the same objectives, some policy differences 
exist. Specifically, each bill takes a significantly different approach 
to the following key issues: project-basing versus tenant-basing; tax 
implications of debt restructuring; and use of third parties to 
administer the restructuring program.
  I look forward to working with my colleagues in the Senate and 
Secretary Cuomo to resolve HUD's multifamily housing crisis as 
expeditiously as possible.
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