The Washington Post

Rental Housing Loans at Risk, Bankers Warn

The Washington Post | May 4, 2001 | Copyright

More than $3.5 billion in federally backed loans to build 51,289 affordable rental apartments will evaporate unless Congress and the Bush administration reverse a shutdown of the Federal Housing Administration rental housing loan program, bankers warned yesterday.

The FHA loan loss reserve fund ran dry this week, halting new construction of rental housing backed by federal loans until the new fiscal year begins Oct. 1.

The Bush administration has indicated it will not sign off on the $40 million emergency credit subsidy that Congress approved in December to help address the…

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