Housing

Protecting Homeowners in the Foreclosure Crisis

Enabling families to stay in their homes and restoring consumer confidence to the troubled housing market remain top priorities for Congresswoman Lowey.

Lowey supported the Expanding American Homeownership Act, which would provide an increase on the loan limit in high cost areas such as the Hudson Valley; reward those borrowers who make on-time payments for at least the first five years of a loan; provide pre-purchase and delinquency counseling for high-risk borrowers; and increase mortgage insurance to protect lenders against default from qualified buyers.     

Lowey also supported, and the House passed, two bills to stabilize the market for years to come. The American Housing Rescue and Foreclosure Prevention Act would enable up to one million borrowers to refinance their homes from risky subprime mortgages to safer loans backed by the Federal Housing Administration. The Neighborhood Stabilization Act would establish a $15 billion federal grant and loan program to help state and local governments purchase, rehabilitate, and resell or rent foreclosed homes.

Home Ownership for All Americans

The United States is facing an affordable housing crisis like no other time in our history. Many residents of Westchester and Rockland Counties, including families with children, teachers, police officers and firefighters, face difficulties affording homes. Congresswoman Lowey is working to help homeowners facing imminent foreclosure, and to bring the benefits of homeownership to others in our community.

Congresswoman Lowey voted for the American Dream Down Payment Act to provide $200 million in grants for first-time homebuyers across the United States. The Department of Housing and Urban Development (HUD) estimates these grants would assist about 40,000 families, with an average of $5,000 for down payments and closing costs. She also cosponsored the Firefighters Affordable Housing Act to provide federal down payment assistance for firefighters purchasing homes, as well as the National Affordable Housing Trust Fund Act, which would use surplus funds from the Federal Housing Administration to allow states and non-profits to build affordable rental units and construct affordable homes for middle-income individuals.

In March 2004, Congresswoman Lowey announced a $1 million Fannie Mae line of credit for the White Plains Housing Rehabilitation Program to rehabilitate over 200 homes in need of upgrades and repairs.

Safeguarding Federal Housing Programs

As a member of the Appropriations Committee, Congresswoman Lowey has consistently fought cuts to critical federal housing initiatives such as Section 8, Community Development Block Grant Program, and HOPE VI. She is an original cosponsor of legislation that would codify the practice of fully funding existing Section 8 vouchers based on the housing agency’s actual voucher costs.

Congresswoman Lowey also helped secure a $20 million federal HOPE VI grant to completely replace 550 aging units at Mulford Gardens Public Housing Complex in Yonkers, providing safer, cleaner, more comfortable housing.