[Weekly Compilation of Presidential Documents Volume 30, Number 27 (Monday, July 11, 1994)]
[Pages 1422-1423]
[Online from the Government Publishing Office, www.gpo.gov]

<R04>
Statement on Signing Federal Housing Administration Legislation

July 5, 1994

    Home ownership is one of the foundation stones of the American 
dream. Renewing and expanding this dream is one of my Administration's 
highest priorities and deepest commitments.
    Our economic plan, which did so much to lower interest rates, has 
helped make homes affordable for more people. As more Americans realize 
that home ownership is within their reach, many of them turn to the 
Department of Housing and Urban Development (HUD) and the Government 
National Mortgage Association (Ginnie Mae) for Government assistance. 
These programs, some of which operate at a profit to the Federal 
Government, have enabled millions of Americans to enjoy the pride and 
sense of accomplishment that come with owning your own home.
    As new home purchases and refinancings continue at a rapid rate, 
single-family home purchasers will soon be unable to do business with 
the Federal Housing Administration (FHA) and Ginnie Mae--absent 
corrective action--because the increased demand for loans has exhausted 
their loan authority. That is why the Congress, acting responsibly and 
in a fiscally prudent manner, adopted a supplemental appropriation to 
replenish these funds. Today I am signing into law H.R. 4568, which 
provides a supplemental appropriation for HUD and Ginnie Mae so that 
these agencies can continue their good work in helping low- and middle-
income Americans build their piece of the American dream.
    Specifically, the Act provides: (1) increased loan commitment 
authority of $35 billion for the FHA Mutual Mortgage Insurance program; 
(2) increased Ginnie Mae loan guarantee commitment authority of $55 
billion; (3) an increase of $3 billion in loan volume for condominium 
and other housing insurance programs; and (4) an additional $18 million 
in budget authority to subsidize mortgages for the purchase or 
construction of rental housing. Equally important, this legis- 

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lation will not add a penny to the Federal deficit. So, as we continue 
putting our fiscal house in order, this legislation will ensure that 
home ownership becomes the order of the day for more and more Americans.
                                            William J. Clinton
The White House,
July 5, 1994.

Note: H.R. 4568, approved July 5, was assigned Public Law No. 103-275.