Promoting the American Dream of Homeownership Through Downpayment Assistance: Hearing Before the Subcommittee on Housing and Community Opportunity of the Committee on Financial Services, House of Representatives, One Hundred Eighth Congress, First Session, April 8, 2003, Volume 4 |
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$75 million addition affordable housing allocation American Dream Downpayment Angeles Neighborhood Housing ASSOCIATION OF REALTORS Barbara Thompson believe bill budget CDBG Chairman NEY City of Jacksonville closing costs Committee on Financial Community Development Community Opportunity April Congress counseling create downpayment and closing downpayment assistance Dream Downpayment Act Dream Downpayment Fund Dream Downpayment Initiative dream of homeownership federal Financial Services Subcommittee flexibility Freddie Mac gentlelady going HARRIS HFAs Hispanic HOME funding HOME Investment Partnerships HOME program homebuyer homebuyer assistance homeownership rate households Housing and Community housing needs housing opportunities increase interest rates issue Katherine Harris legislation lenders loans low-income families lower-income median income Mel Martinez minority families National NCSHA Neighborhood Housing Services Neighborhood Reinvestment Corporation NeighborWorks Nickerson ownership payment set-aside percent President rehabilitation rental RENZI second mortgage Secretary MARTINEZ Section 8 houses statement Subcommittee on Housing subsidy wealth
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Page 105 - worst case housing needs" is around 5.4 million households; that is, unassisted very low-income renters who pay more than half of their income for housing or live in severely substandard housing.
Page 84 - US DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT BEFORE THE UNITED STATES HOUSE OF REPRESENTATIVES COMMITTEE ON FINANCIAL SERVICES...
Page 65 - Loan recipients are typically underserved families. Seventy-one percent of loans made through NeighborWorks* revolving loan funds are made to very low- or low-income households, 53 percent to minority-headed households, and 43 percent to female-headed households. Loans carry a rate and term that the borrower can afford to pay back. The NeighborWorks* System is the only national nonprofit network with expertise in designing, originating and servicing small non-conventional loans to lower-income families....
Page 89 - Freddie Mac's Vital Mission Freddie Mac is a shareholder-owned corporation that was chartered by Congress to create a stable flow of funds to mortgage lenders in support of homeownership and rental housing. Since our inception in 1970, Freddie Mac has purchased more than $2 trillion in residential mortgages, financing homes for more than 25 million families. Because of the high level of support provided by Freddie Mac and the secondary market, America enjoys the world's best housing finance system....
Page 5 - Thank you very much, Mr. Chairman. I am delighted to be here and to have this opportunity to say just a few words on behalf of the Federal City Council.
Page 65 - ... NeighborWorks organization receives most of its funding from private sources and earned fees. Neighborhood Reinvestment does provide a critical financing vehicle to NeighborWorks* organizations in the form of equity capital grants for real-estate development and local revolving loan funds. The NeighborWorks* organizations, in turn, use these funds to draw private capital in a variety of ways, including equity and gap financing for home-purchase loans, including down payments and closing costs....
Page 106 - FHA maximum highcost mortgage insurance limit is $261 ,609, meaning that for many working families - teachers, police officers, firefighters - FHA is not a useful homeownership tool. When Congress authorized Section 214 of the National Housing Act, it did so upon finding that higher costs prevailed in Alaska, Guam, Hawaii and the Virgin Islands because it was not feasible to construct dwellings without sacrificing sound standards of construction, design or livability. As a result, the Secretary of...
Page 31 - Corporation, is a public corporation chartered by the US Congress to create a continuous flow of funds to mortgage lenders in support of home ownership and rental housing. The company purchases residential mortgages from lenders across the country and then packages them into securities. These securities are then sold to investors around the world.
Page 46 - Chairman NEY. Without objection. The chair notes that some members may have additional questions for this panel which they may wish to submit in writing. Without objection, our hearing record will remain open for 30 days for members to submit written questions to these witnesses and place their response in the record. This hearing is adjourned. [Whereupon, at 4:35 pm, the subcommittee was adjourned.] APPENDIX April 8, 2003 (47) 48 Opening Statement Chairman Michael G. Oxley Committee on Financial...