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WASHINGTON, DC-After hearing testimony, the Subcommittee on Housing and Community of the US House of Representatives’ Financial Services Committee signed off on the FHA Multifamily Loan Limit Adjustment Act of 2003. Also known as HR 1985, the legislation–which calls for the increasing of the maximum mortgage amount limit for FHA-insured mortgages on multifamily housing in high-cost markets–would ultimately enhance affordable housing availability for low-income and moderate-income dwellers.

Representatives of the Mortgage Bankers Association of America were among those who provided testimony backing the bill. “Without higher FHA multifamily loan limits in high-cost markets, critical housing needs will go unmet,” MBA member and Berkshire Management Finance senior vice president Linda Cheatham explains. “Low and moderate-income families, including important community and public service providers like teachers and police officers will be denied the affordable rental housing they need.” The subcommittee approved the legislation via a voice vote. HR 1985 will now continue to work its way through the congressional lawmaking system.

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