Senate OKs Added FHA Loan Authority

The shutdown of several Federal Housing Administration programs should be ending soon now that the Senate has approved additional loan commitment authority for the FHA multifamily, 203(k) home renovation, condominium, and reverse mortgage insurance programs.The Senate approved a resolution (H.J. Res. 82) that provides the FHA General Insurance/Special Risk Insurance Fund with $3.9 billion in new loan-commitment authority. The House passed the resolution Dec. 8, and the Senate's action clears the measure for the president's signature. On the last day of the congressional session, the Senate also confirmed the nominations of Alicia Castaneda to be a member of the Federal Housing Finance Board and Thomas Curry to be a member of the Federal Deposit Insurance Corp. board of directors. The House and the Senate are scheduled to return on Jan. 20.