A new bill with significant implications for the housing market is currently under consideration. If passed, the bill will result in several key changes, including the creation of a new division within the Department of Housing and Urban Development (HUD) and the repeal of the Faircloth Amendment. These changes could have wide-ranging effects on the mortgage industry and the housing market as a whole.
• Establishing a new HUD division: The proposed bill would create a new division within HUD, which would likely be responsible for overseeing new housing initiatives and programs aimed at increasing affordability and accessibility for homeowners.
• Repealing the Faircloth Amendment: The bill also seeks to repeal the Faircloth Amendment, which currently restricts the construction of new public housing units. This repeal could lead to an increase in the supply of affordable housing and potentially impact mortgage lending practices.
You can read this full article at: https://www.housingwire.com/articles/house-senate-democrats-introduce-bill-to-preserve-build-homes/(subscription required)
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