Bush Signs Bill to Help Poor Buy Housing
President Bush on Wednesday signed into law a housing bill that he hailed as a vehicle to make public housing for the poor “a springboard for independence, not a bottomless pit for dependency.”
The National Affordable Housing Act, with a price tag of $25 billion for this fiscal year and $27 billion in fiscal 1992, provides grants for low-income families to buy their public housing units or homes that are vacant or have been foreclosed.
The measure provides $155 million for this fiscal year and $885 million for 1992 to help low-income people buy their homes. Among other provisions, it authorizes $123 million this fiscal year and $258 million for 1992 to provide housing and services for the homeless.
It also contains a new block grant program, authorizing $1 billion for this year and $2.1 billion for 1992 “to promote partnerships” by federal, state and local governments with private groups and industry “to utilize a wide variety of approaches to meet housing needs,” the White House reported.
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