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Committee Action Advances Bill to Benefit Massachusetts Homeowners and Homebuyers

House Bill Would Expand Federal Housing Administration Loan Limits for High Cost Areas

Washington, DC - The U.S. House Financial Services Committee yesterday passed a measure to increase the Federal Housing Administration (FHA) loan limits to benefit high cost areas around the country, such as Boston and surrounding areas.  The three Massachusetts members of the committee – Chairman Barney Frank and Representatives Michael Capuano and Stephen Lynch – noted that the bill would increase the maximum FHA loan limit for single family unit homes from $362,000 to $417,000 to allow more people to become homeowners, and raise the maximum limits for purchase of homes with multiple-unit dwellings, such as Boston area triple-deckers.  The “Expanding American Homeownership Act of 2007,” (H.R. 1852) sponsored by Reps. Maxine Waters (D-CA) and Frank, passed the committee with bipartisan support and now moves to the full U.S. House of Representatives.

“This legislation will make it easier for families to achieve the American dream of homeownership, particularly in high cost areas like Greater Boston where much of the housing stock is multi-family. By increasing the FHA loan limits for two, three and four unit residences, potential home owners will have more options in an expensive market,” stated Congressman Mike Capuano. 

Congressman Lynch added, “today in Massachusetts and across this country, families face the combined threats of rising unemployment, falling wages and unaffordable housing. As someone who grew up in public housing, I've seen the benefits that reliable, long-term affordable housing initiatives can provide to struggling families. These reforms will lead to the creation of more rental units for low-income families, at a time when waiting lists for affordable housing grow longer by the day.  I am hopeful that the Congress will act soon to approve the legislation and extend a critical lifeline to struggling families nationwide.”

To find the rest of this article please visit www.house.gov/frank.

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