Washington, DC - U.S. Senator Daniel K. Akaka made the following statement today regarding the Senate's passage of H.R. 3221, the Foreclosure Prevention Act of 2008, which he supported:
"This is an important step towards addressing the housing crisis. Hawaii's foreclosure rate in April more than doubled over last year. This bipartisan legislation will help protect homeowners, prevent foreclosures, increase the supply of affordable housing, and assist our veterans.
"According to the National Low Income Housing Coalition's 2007-2008 Out of Reach report, Hawaii ranks as the most expensive housing jurisdiction in the country. The bill addresses Hawaii's shortage of affordable housing by creating a new affordable Housing Trust Fund and a Capital Magnet Fund to help build and preserve affordable homes for working families."