New legislation designed to increase loan limits under the National Housing Act for multifamily housing mortgage insurance has received unqualified support from the Hudson River Property Owners and Conservators Association (HRPOCA).

In a letter to Marge Roukema (R-NJ), co-author of “H.R. 1629″ with fellow New Jersey Congressman Bob Frank, the Hoboken, N.J.-based group of propertyowners along the Hudson River’s “Gold Coast” praised the effort to increase the Housing and Urban Development mortgage insurance statutory limits by 25%, which it contends will permit continued redevelopment in New Jersey’s urban areas.

“As you are well aware, it has become very expensive to develop and produce moderate and middle-income housing throughout New Jersey,” according to the letter, which is signed by developers Joseph Barry and Carl Goldberg, HRPOCA’s Co-Chairmen.

“High labor costs, permitting costs and high land values all make it extremely difficult to develop multi-family housing unit’s within the present statutory limits — especially in the older urban centers which require mid- or high-rise construction.

Thus, it is critical to New Jersey’s Master Plan, which intends to keep green areas green and put development where the infrastructure already exists, that the mortgage insurance statutory limits be increased.”

Introduced in April of this year, “The FHA Multifamily Housing Mortgage Loan Limit Adjustment Act of 2001,” has been recently referred to the House’s Committee on Financial Services.

COPYRIGHT 2001 Hagedorn Publication
COPYRIGHT 2001 Gale Group