In the fiscal Year 1998 (FY98) VA, HUD and Independent Agencies Appropriations Act, Congress adopted a permanent solution to the Section 8 contract renewal and mark-to-market issues that have vexed the housing community for the past four years. President Clinton signed the legislation, known as the Multifamily Assisted Housing Reform and Afforqability Act of 1997 (MAHRAA), into law in October 1997. Dealing with 10,000 rental properties that house approximately 1.6 million families, MAHRAA is the most significant housing legislation passed since 1990. MAHRAA addresses two issues crucial to the future of Section 8 housing-the restructuring of FHA-insured mortgages so that they can be amortized at real market rents and the renewal of expiring Section 8 contracts on both FHA and non-FHA-insured projects.

This report is part of the collection of scanned historical documents available to the public.