Dec 8, 2003: This bill passed in the House of Representatives without objection. A record of each representative's position was not kept.
http://www.govtrack.us/congress/bill.xpd?bill=s108-811
Dec 8, 2003: This bill passed in the House of Representatives without objection. A record of each representative's position was not kept.
Well, there it is. Republicans and Democrats in lock-step with the President to give US taxpayer dollars to millions of Mexican illegal aliens.
I meant to add:
Amends the Cranston-Gonzalez National Affordable Housing Act to: (1) authorize the Secretary of Housing and Urban Development to make grants to State and local participating jurisdictions for downpayment assistance and related home repair to low-income, first-time home buyers; and (2) limit family assistance to the greater of six percent of the purchase price or $10,000. Requires a participating jurisdiction to include intended grant uses in its fiscal year comprehensive housing affordability strategy under such Act.
Sets forth State and local jurisdiction allocation formulas. Permits fund reallocation.
Requires the Comptroller General to report respecting the impact of such grants on a State-by-State basis.
Terminates grant authority after December 31, 2007. Authorizes specified FY 2004 through 2007 appropriations.
Makes the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970 inapplicable to such assistance.
According to Bush's figures, he wanted to create at least 5.5 million new 'minority' homeowners.
5,500,000 x $10,000 = $55,000,000,000 or $55 billion.
According to the bill: "(2) limit family assistance to the greater of six percent of the purchase price or $10,000."
If I read this correctly, then $10,000 is the minimum down payment that would be granted under this bill. Six percent of $300,000 is $18,000. So, we could be looking at at over $110 billion or more.
And this does not include the $440 billion in increased commitment from Fannie Mae and Freddie Mac that he called for in 2002.