Friday, April 9, 2004

Fulton Housing Authority supports proposed zero-downpayment act for first-time homebuyers

Testimony by a Housing Authority of Fulton County (HAFC) official is helping support a proposed federal bill that would eliminate downpayments for eligible first-time homebuyers.

Board Vice Chairman Pastor Warren L. Henry was one of 12 members of the housing field who spoke in favor of H.R. 3755, the “Zero-Downpayment Act of 2004,” at a hearing of the Subcommittee on Housing and Community Opportunity, U.S. House of Representatives, in Washington, DC recently. The bill is an amendment to the National Housing Act.

Co-sponsored by Georgia U.S. Rep. David Scott (D-13), Rep. Patrick Tiberi (R-OH) and others, the bill would authorize the U.S. Department of Housing and Urban Development to insure single-family mortgages that do not require a downpayment.

In 2003, the HAFC became one of the first public housing authorities in Georgia to use the Section 8 Homeownership Voucher Program to help its residents purchase a home.

“The hurdle of bringing together the downpayment required to access this opportunity has often been challenging,” Pastor Henry said. “H.R. 3755 provisions would allow FHA to maximize its fullest potential in accessing historically under-served minority and economically challenged communities.”

Rep. Scott, whose district includes South Fulton County, invited the HAFC to testify at the hearing. Among other agencies supporting the bill at the hearing were Mortgage Bankers Association and National Association of Home Builders, and National Housing Conference.

The HAFC works with public and private partners to create affordable housing opportunities and promote self-sufficiency for persons of low and moderate income.

For more information, call HAFC Executive Director Bettye Davis at 404-730-5849.