Magazine article Mortgage Banking

Gulf Coast Hurricane Housing Bill Clears House Committee

Magazine article Mortgage Banking

Gulf Coast Hurricane Housing Bill Clears House Committee

Article excerpt

A measure intended to provide comprehensive housing relief for Gulf Coast communities affected by the 2005 hurricanes overwhelmingly cleared the House Financial Services Committee in March.

Passage of the bill--the Gulf Coast Hurricane Housing Recovery Act of 2007 (H.R. 1227)--out of the committee by a bipartisan vote of 50 to 16 sends the measure to the House floor for a vote.

H.R. 1227 is designed to provide increased flexibility for already allocated funds; provides new oversight of existing programs; preserves public housing and assists evacuees with rental housing; and provides support for landlords and local communities that assisted evacuees with housing, according to Rep. Maxine Waters (D-California), chair of the Financial Services Subcommittee on Housing and Community Opportunity. Waters is also the bill's sponsor.

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"This bill will allow for the use of certain monies to be used as matching funds to provide necessary waivers, and add over $1 billion in aid transferred from FEMA [the Federal Emergency Management Agency] to those who need it most. Additionally, reporting requirements in this bill will help speed up subsidies to homeowners to rebuild their homes," said Waters. …

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