[Congressional Record Volume 157, Number 21 (Thursday, February 10, 2011)]
[Senate]
[Page S644]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. WYDEN (for himself and Mr. Merkley):
  S. 317. A bill to allow for use of existing Section 8 housing funds, 
so as to preserve and revitalize affordable housing options for low-
income individuals; to the Committee on Banking, Housing, and Urban 
Affairs.
  Mr. WYDEN. Mr. President, today I rise to introduce the Affordable 
Housing Preservation and Revitalization Act. I am delighted and honored 
to be joined in this effort by my good friend and colleague, Senator 
Jeff Merkley. It has been my privilege to work with Senator Merkley and 
his staff on an issue that is so important to our State of Oregon and 
to folks around the country.
  There has been a lot of talk about housing in the media over the past 
year. The topic of most of these conversations has been the foreclosure 
crisis and the continued fallout from the mortgage meltdown.
  But there is another housing story here, even though it may not get 
the same attention or airtime: It is the story of homelessness and the 
struggle to find affordable housing, and for thousands of Oregonians 
it's a daily reality.
  Like many States, Oregon is experiencing a sharp rise in 
homelessness.
  The most recent count available from Oregon, found 19,208 people 
homeless on a particular night. That number represented a 12 percent 
increase in homelessness over 2009.
  This same count also indicates that 31 percent of those experiencing 
homelessness were children and the number of homeless families with 
children rose 33 percent from 2009.
  In times like these, the Federal Government can hardly stand to lose 
its stock of affordable housing. Sadly, that is exactly what's 
happening.
  As long-term contracts are coming due, many landlords are leaving the 
business of affordable housing for the private market. As these owners 
convert to market rents, which is in their economic interest, the low-
income tenants will be unable to afford their homes. With fewer and 
fewer places to turn, many of these folks will end up on the street.
  Some of these properties have what are known as residual receipts--
funds left over once the operating expenses and owner's distribution 
have been paid. Currently, this money can only be used in the most 
extreme of situations. As a result, many of these residual receipts 
have accumulated for nearly 3 decades. In Oregon alone, estimates 
suggest there are more than $10 million in untapped residual receipts.
  Senator Merkley and I believe these funds represent a substantial 
asset that could be used to help preserve affordable housing projects 
with expiring contracts. That is why we are introducing the Affordable 
Housing Preservation and Revitalization Act.
  Our legislation would permit residual receipts to be transferred with 
affordable housing properties that are sold to non-profits, provided 
the non-profits commit to preserving and maintaining the housing stock 
as affordable.
  Our legislation isn't a magic bullet and it certainly will not ensure 
that every American can put a roof over their head. But we think it's 
the kind of commonsense approach that Americans can get behind. I hope 
that our colleagues will join us in supporting this bill.
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