3-23 FRANK Introduces Bill to Preserve Affordable Housing :: The Construction Management Pro

3-23 FRANK Introduces Bill to Preserve Affordable Housing

 

            House Financial Services Committee Chairman Barney Frank (D-Mass.) has introduced a comprehensive affordable housing preservation bill (H.R. 4868) that includes a federal first right of refusal allowing HUD to match a third-party offer when an owner decides to sell a project.

            The bill would also establish a voluntary preservation exchange program to encourage owners to sell properties to purchasers who will keep the housing affordable.  In addition, it would expand voucher assistance for tenants facing displacement because of the demolition, disposition, or conversion of assisted housing; provide for the recapitalization of aging Section 202 projects; facilitate the preservation of projects facing foreclosure; and establish a preservation program for rural housing.

            The House housing subcommittee will hold a hearing on the bill tomorrow.

Source: HDR Headlines

 

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