U.S. Representative Maxine Waters Leads Major Efforts to Save Economic Development Funds Benefiting 45 States and to Protect Housing for Millions of Low Income Families

U.S. Representative Maxine Waters (35th-CA), Ranking Member of the House Financial Services Subcommittee on Housing and Community Opportunity, led major efforts last week that will create businesses and jobs in hundreds of communities and provide safe, affordable housing for millions of low income individuals across the United States. The housing and community development initiatives were so important and far reaching that members of Congress worked in a bipartisan manner to save the Section 108 Loan Guarantee Program from the budget chopping block. Rep. Waters introduced the amendment to save this program, and it passed in the House by vote of 218 to 207. The Section 8 Voucher Reform Act (H.R. 5443), also sponsored by Rep. Waters, passed the financial services committee and is now headed to the House floor consideration. This bill would implement major reform to assist the residents of low-income housing, successfully. (Details on the other programs are listed below.)

"By voting to save the Section 108 Loan Guarantee Program, Congress proved—in a bipartisan way—that economic development is the cornerstone of long-term, sustained job creation," said Representative Waters. "And, with the help of the Housing Subcommittee, Congress has moved Section 8 Voucher reform one step closer to assisting low-income families in need of affordable, safe place to live. Last week, we were able to do a lot of good things for this nation."

The housing and economic development initiatives Rep. Waters championed last week included:

Section 8 Voucher Program Reauthorization and Reform: The bill aims to make the Section 8 voucher program more efficient, easier to administer, and more capable of promoting economic self-sufficiency. Rep. Waters is a primary sponsor of this legislation, which was cleared to move to the House Floor for a final vote.

Mark-to-Market: This program will save the federal government money by adjusting the amount of rent, which is often well above market rates, paid to property owners who lease their properties to enrollees in the Section 8 program. The bill passed Committee and is expected to reach the floor of the House for final consideration.

Section 108 Loan Guarantee Program: This program has granted over $35 billion in economic development seed money to 45 states, the District of Columbia, and Puerto Rico over the last 10 years. 

Brownfields Economic Development Initiatives: Programs in this category will provide $15 million to clean up brownfield sites. Rep. Waters worked with the Republican sponsor of an amendment to ensure its passage.

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