Reagan Signs $30-Billion Housing Bill, Says It Will Aid Needy, Young
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WASHINGTON — President Reagan on Friday signed a $30.6-billion housing bill and said it will help needy Americans and young families, but critics charged that it falls short of meeting the need.
The measure cleared Congress in December after the Administration won changes scaling down funds for housing poor people displaced by federally funded development projects and for a controversial home-ownership program for moderate-income families.
“Through a concerned effort, the legislation was transformed from a budget-buster that would reverse hard-won housing reforms into a rational, cost-effective bill that’s fiscally responsible,” Reagan said.
The two-year measure, authorizing $15 billion for housing and community development in fiscal 1988, which started Oct. 1, and $15.6 billion in fiscal 1989, is the first substantial housing legislation since 1980.
Insuring Authority
It contains permanent insuring authority for the Federal Housing Administration’s home-mortgage insurance program, a provision long sought by the housing and financial industries.
The bill also permanently authorizes a housing voucher program, a private-public partnership plan that the Administration first proposed in 1982.
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