Housing

Senator Sununu has been out in front of the recent rise in the number of delinquent mortgages, organizing a series of foreclosure prevention workshops throughout the State that bring together NH and federal officials, mortgage counselors, lenders and borrowers to offer solutions for those at risk of foreclosure. For years, he has also been a leading Senate advocate for improved regulation of the housing finance giants, Fannie Mae and Freddie Mac, and was pleased to support legislation recently signed into law to strengthen their oversight. Additionally, John has been the Senate’s leader on efforts to reduce the administrative burden on public housing authorities and to free up those closest to the people in need to come up with innovative affordable housing solutions. John’s “Small Public Housing Authority Paperwork Reduction Act” was included as part of comprehensive housing legislation recently signed into law.

Foreclosure Prevention and Housing Market Stabilization – John voted for legislation that has recently been enacted into law that will help struggling homeowners and homebuyers by making available more refinancing and home-buying opportunities. The bill also provides targeted tax incentives designed to reduce the inventory of unsold homes and stabilize home prices. Furthermore, the legislation contains enhanced Truth-in-Lending Act requirements to protect homeowners and funding for pre-foreclosure counseling.

Improved Regulation of Fannie Mae and Freddie Mac – For several years now, John has been a leading voice calling for improved regulation of these giants of mortgage finance. He held his first hearing to examine the risks they pose to our economy ten years ago and introduced legislation to better regulate them five years ago. With ongoing difficulties in the housing market, John’s colleagues in Congress joined him this year in passing legislation to improve oversight of Fannie Mae and Freddie Mac, strengthen their capital standards, limit their massive portfolios, and ultimately help minimize the financial risk to American taxpayers.

Affordable Housing Innovation – John has been the Senate’s leading voice on efforts to reduce paperwork and replace one-size-fits-all rules for our nation’s public housing authorities so that they have more time and flexibility to create innovative new programs that can better serve public housing residents and give them the ability to eventually move out of public housing into a place of their own.

Helping the Homeless – As a previous member of the Banking and Housing Committee, John cosponsored and crafted legislation with other Committee members to reauthorize our nation’s programs for the homeless. The Community Partnership to End Homelessness Act authorizes additional funding while streamlining homelessness programs and better targeting people in rural communities who may not have been adequately served in the past.

Tax Incentives to Create More Affordable Housing – John has cosponsored legislation that leverages private investment through adjustments in the tax code to provide innovative ways to build additional affordable housing units throughout the state and the country.

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