Statement of Administration Policy: H.R. 5564 - Amendment to the National Housing Act

(House)
(Lundine (D) New York)

The Administration opposes H.R. 5564 because it would entail an unreasonable risk to the Federal Housing Administration (FHA) Fund. The bill would authorize FHA mortgage insurance on homes built on land of the Seneca Indian Nation in Salamanca, N.Y. The land is occupied under 99-year leases which expire in 1991.

Until the status of the leases after 1991 is resolved, it would be financially unsound for the FHA to insure mortgages on these homes.