[Congressional Record Volume 147, Number 16 (Tuesday, February 6, 2001)]
[Extensions of Remarks]
[Page E117]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




  INTRODUCTION OF THE HOUSING PRESERVATION MATCHING GRANT ACT OF 2001

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                          HON. JERROLD NADLER

                              of new york

                    in the house of representatives

                       Tuesday, February 6, 2001

  Mr. NADLER. Mr. Speaker, today I am introducing the Housing 
Preservation Matching Grant Act of 2001 previously championed by our 
esteemed colleague, the late Representative Bruce Vento.
  With the recent rise in real estate prices, many owners of HUD-
assisted and insured projects are finding it more lucrative to repay 
their mortgages and operate their buildings in the private market. The 
tendency to opt-out of Section 8 contracts is placing hundreds of 
thousands of affordable housing units at risk. According to the 
National Housing Trust, there are over half a million Section 8 
apartments in all 50 states that are below market and in danger of 
losing affordability. We simply cannot allow this vital housing stock 
to evaporate.
  The Housing Preservation Matching Grant Act would provide assistance 
to states for operating costs, capital expenditures, debt 
restructuring, and acquisition of projects with HUD-insured mortgages, 
Section 8 contracts, and resident ownership. This project-based 
assistance is a necessary complement to tenant-based approaches by 
preserving the units that accept vouchers, and ensuring that low-income 
families have a safe and affordable place to live. Federal matching 
grants would also give states a much needed incentive to either 
continue or create innovative programs to preserve their housing 
resources.
  Before we can create new affordable housing we must preserve the 
resources we already have, and stop the rising tide of low-income rents 
to the private market. This legislation achieves both these goals, and 
hopefully will entice states to appropriate more money for public 
housing programs knowing that the federal government will provide a 
substantial share of the cost. By setting up a mechanism for federal 
and state partnership, this legislation fosters cooperation and 
coordination between all those responsible for administering and 
maintaining housing programs.
  Mr. Speaker, the Housing Preservation Matching Grant Act of 2001 is 
an important part of any broader strategy to save affordable housing, 
and I ask all my colleagues to support it.

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