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“HUD today put the final nail in the coffin of the public housing drug elimination program (PHDEP) by admitting that the public housing authorities will never be funded at more than 90% of their operating budget this year.
“When PHDEP’s $310 million annual funding was eliminated at HUD’s request in 2001, the agency claimed it would add extra money to the Public Housing Operating Fund to cover the funding shortfall. Instead, HUD has proposed additional cuts to the operating budget including an additional $250 million operating fund cut on housing authorities this fiscal year, plunging the nation’s housing authorities into financial peril.”
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The Committee oversees all components of the nation’s housing and financial services sectors including banking, insurance, real estate, public and assisted housing, and securities. The Committee continually reviews the laws and programs relating to the U.S. Department of Housing and Urban Development, the Federal Reserve Bank, the Federal Deposit Insurance Corporation, Fannie Mae and Freddie Mac, and international development and finance agencies such as the World Bank and the International Monetary Fund. The Committee also ensures enforcement of housing and consumer protection laws such as the U.S. Housing Act, the Truth In Lending Act, the Housing and Community Development Act, the Fair Credit Reporting Act, the Real Estate Settlement Procedures Act, the Community Reinvestment Act, and financial privacy laws. |
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