Housing
![Couple in front of house and for sale sign Couple in front of house and for sale sign](https://webarchive.library.unt.edu/web/20121016220045im_/http://towns.house.gov/sites/towns.house.gov/files/styles/section_front_boilerplate/public/housing1.jpg)
Housing issues affect us all and how they are dealt with is important to my work in Congress
Since coming to Congress, Congressman Towns has been a tireless advocate for the housing needs of Brooklyn residents. In a district of both homeowners and renters, he recognizes the need to increase affordable housing and protect the rights of tenants. As the nation continues to face a housing crisis of unseen proportions, Congressman Towns will continue to support efforts that aim to fix the issues that affect the communities that make up Brooklyn.
Congressman Towns has supported the following housing bills in the 112th Congress:
- H.R. 363:The Housing Opportunity and Mortgage Equity Act of 2011: This bill directs the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) — government sponsored enterprises or GSEs— each to carry out a one-year program providing for the refinancing of qualified single-family housing mortgages it owns through a refinancing mortgage in accordance with this Act and the policies and procedures of the Federal Housing Finance Agency. The Act also specifies the terms and conditions of a refinancing mortgage, including a 40-year term to maturity and prohibition on borrower fees, requires waiver or forgiveness of all fees and penalties related to any default or delinquency on the original mortgage, requires a GSE to pay a fee of up to $1,000 to the servicer of a qualified mortgage refinance, and prohibits any requirement of a property appraisal.
- H.R. 709:The Urban Revitalization and Livable Communities Act: This act would authorize the Secretary of Housing and Urban Development to establish and carry out an urban revitalization and livable communities program to provide Federal grants to urban areas for the rehabilitation of critically
In the 111th Congress, the following were signed into law and supported by Rep. Towns:
- The Fraud Enforcement and Recovery Act: This law gives the federal government the necessary tools to crack down on fraud in the housing market, from predatory lending to manipulation on Wall Street. It also created a commission to investigate what financial practices caused the housing market meltdown.
- The Helping Families Save their Homes Act: This law expanded the Making Home Affordable Program in an effort to address the foreclosure crisis. It also provided essential protections for tenants living in foreclosed properties, and $2.2 billion to address homelessness.
The following passed in the House of Representatives with Rep. Towns’ support:
- H.R. 1728, Mortgage Reform and Anti-Predatory Lending Act: This bill responded to the subprime mortgage crisis by instituting much needed reform to prevent bad loans from being made in the first place. It required lenders to ensure a borrower’s ability to repay, prohibited unfair lending practices; brought accountability to the secondary market for home loans; held creditors responsible for the loans they originate; imposed penalties for irresponsible lending; expanded consumer protections for high cost mortgages; provided protection to tenants who rent home that go into foreclosure; and provided legal assistance to homeowners facing foreclosure.
- H.R. 5072, FHA Reform Act of 2010: This bill ensured the continued availability of the FHA loan program — a highly successful model that has allowed countless Brooklyn residents to fulfill the American Dream of homeownership. It also funneled money into non-profit foreclosure counseling services for homeowners in need of reliable, accurate information.
In the 111th Congress, Representative Towns has co-sponsored the following measures:
- H.R. 1, American Recovery and Reinvestment Act of 2009, in addition to other provisions, makes supplemental appropriations for FY2009 to the Department of Housing and Urban Development (HUD) and establishes federal loan limits for calendar year 2009.
- H.R.1270, the Affordable Housing and Community Development Act of 2009 authorizes appropriates in specified amount for FY2011 and each fiscal year thereafter for Community Development Block grants, money that is used to cover a wide-range of community needs including but not limited to decent housing, and directs the Secretary of Housing and Urban Development to establish an inflation index for a specified amount to be determined after an initial study.
- H.R. 1848, the Foreclosure Prevention Act of 2009 aims to provide funding for the Neighborhood Reinvestment Corporation for mortgage foreclosure mitigation activities
- H.R. 1247, the Protecting Tenants at Foreclosure Act of 2009 states that a person/organization/business that obtains a residential property out of foreclosure should give an existing tenant at least 90-day notice to vacate and/or specified rights of said tenant to occupy the premises until the end of the lease.