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Article: Housing: Issuers Struggle Under Outdated Purchase Price Limits.
- Article from:
- The Bond Buyer
- Article date:
- April 8, 1999
- Author:
CopyrightCOPYRIGHT 1999 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Michael Jordan learned he couldn't hit a minor-league curve ball, Forrest Gump found a best-picture Oscar in his box of chocolates, stock investors dreamed about the Dow Jones average reaching 4,000, and O.J. Simpson hired some lawyers.
The year was 1994, and it was also the last time the U.S. Treasury Department updated the average area purchase-price limits for single-family housing financed by mortgage revenue bonds.
The lack of up-to-date information has significantly weakened the effectiveness of the MRB program, housing industry participants say, by artificially restricting the number and quality of homes available to the low-income people the ...