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Current Legislation
Housing
Protecting Homeowners in the Foreclosure Crisis
Enabling families to stay in their homes and restoring consumer confidence to the troubled housing market remain top priorities for Congresswoman Lowey.
Lowey supported the Expanding American Homeownership Act, which would provide an increase on the loan limit in high cost areas such as the Hudson Valley; reward those borrowers who make on-time payments for at least the first five years of a loan; provide pre-purchase and delinquency counseling for high-risk borrowers; and increase mortgage insurance to protect lenders against default from qualified buyers.
Lowey also supported, and the House passed, two bills to stabilize the market for years to come. The American Housing Rescue and Foreclosure Prevention Act would enable up to one million borrowers to refinance their homes from risky subprime mortgages to safer loans backed by the Federal Housing Administration. The Neighborhood Stabilization Act would establish a $15 billion federal grant and loan program to help state and local governments purchase, rehabilitate, and resell or rent foreclosed homes.
Home Ownership for All Americans
The
Congresswoman Lowey voted for the American Dream Down Payment Act to provide $200 million in grants for first-time homebuyers across the
In March 2004, Congresswoman Lowey announced a $1 million Fannie Mae line of credit for the White Plains Housing Rehabilitation Program to rehabilitate over 200 homes in need of upgrades and repairs.
Safeguarding Federal Housing Programs
As a member of the Appropriations Committee, Congresswoman Lowey has consistently fought cuts to critical federal housing initiatives such as Section 8, Community Development Block Grant Program, and HOPE VI. She is an original cosponsor of legislation that would codify the practice of fully funding existing Section 8 vouchers based on the housing agency’s actual voucher costs.
Congresswoman Lowey also helped secure a $20 million federal HOPE VI grant to completely replace 550 aging units at Mulford Gardens Public Housing Complex in