Housing Finance Reform
One of Congresswoman Maloney’s top priorities in Congress is ensuring every resident of the 12th Congressional district has housing that they can reasonably afford. She hosted a series of Housing Roundtables with residents, business leaders and City and State elected officials to discuss the current state of housing. She is fighting for New Yorkers in Congress and with federal officials to ensure housing options that work for all New Yorkers are available. Whether representing first time homebuyers, hardworking families ready to expand their home base, one income parents struggling to keep a roof over their heads, or elderly residents searching for housing with essential services for seniors, she has and will continue to advocate for affordable housing options for New Yorkers at every stage of life.
As Ranking Member of the House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises, restoring a stable and liquid housing finance system is another key component of her work. Especially essential to New York is a strong and stable multifamily housing finance system to ensure builders and borrowers can continue to increase the multifamily housing stock at affordable rates to residents.
That is why the preservation of housing for residents at Stuyvesant Town Peter Cooper Village STPCV has and will remain a primary focus of her work. She secured a commitment from the Conservator and Chief Regulator of Fannie Mae and Freddie Mac, Federal Housing Finance Director Melvin Watt, that no party will be able to refinance the loans on STPCV with Fannie Mae and Freddie Mac until the affordability issues have been resolved to the satisfaction of both the City of New York and the tenants’ organization. She also reintroduced legislation that would sharply curtail the ability of any Government Sponsored Enterprise, such as Fannie Mae and Freddie Mac, to invest in future transactions that result in a reduction of affordable housing in New York or anywhere in the nation.
Adequate funding for public and assisted housing is also critical to addressing the affordable housing problem facing our City. The district Congresswoman Maloney is privileged to represent is home to Queensbridge Housing, the largest public housing project in the nation, which was once “home” to many now-famous recording artists. She will continue to urge her colleagues in Congress to provide appropriate funding for programs such as the Section 8 subsidized housing program, designed to assist the poorest of the poor, which often includes children.
More on Housing Finance Reform
NEW YORK – Congresswoman Carolyn B. Maloney (NY-12), Ranking Member of the House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises (GSE), today released the following statement on Financial Services Committee Ranking Member Maxine Waters housing finance reform proposal:
NEW YORK – Congresswoman Carolyn B. Maloney (NY-12), Ranking Member of the House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises (GSE), today released the following statement on the Johnson-Crapo housing finance reform proposal:
“I applaud President Obama’s call for legislation that will keep the dream of homeownership alive for future generations of Americans while protecting taxpayers from another bailout of Fannie Mae and Freddie Mac. GSE reform is long overdue and it’s time for Democrats and Republicans to work together to get a serious, bipartisan plan to the President’s desk. I plan to do everything I can to make that happen.”
Long Island City, Queens – Congresswoman Carolyn Maloney (NY-12), Ranking Member of the House Financial Services Subcommittee on Capital Markets and Government Sponsored Enterprises, hosted a roundtable today at the United Nations Federal Credit Union in Long Island City to discuss proposed reforms to federal housing and mortgage finance laws with members of Queens’ real estate and mortgage industries, as well as housing experts.