Senate Votes 96-1 for Bill to Revamp Housing Programs
The Senate on Wednesday voted to overhaul federal housing policies and require first-time home buyers to pay more for FHA-backed mortgages.
The bill was approved on a 96-1 vote after Democrats and Republicans announced agreement on key provisions with the Bush Administration. The only no vote was cast by Sen. William V. Roth Jr. (R-Del.).
As passed, the legislation would authorize $18.1 billion in federal spending on housing in fiscal 1991, $19.5 billion in 1992 and $21 billion in 1993, compared with the $14.5 billion being spent this year.
The issue now moves to the House, where a competing version would cost far more money and take a different approach to restructuring often scandal-prone federal housing programs that have basically gone unchanged since 1968.
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