Affordable Housing and Online Gambling: Not Perfect Together
With hearings on proposed legislation scheduled to begin on July 12 related to Barney Frank's attempts at repealing the Unlawful Internet Gambling Enforcement Act, there is much doubt anything will get pushed through. Credit an affordable housing clause.
According to a report featured in iGamblingBusiness, Frank has angered a number of Congresspersons in his own party by attaching a clause to the proposed legislation that would seek to distribute one billion dollars for affordable housing.
Frank, a member of the US House of Representatives and Chairman of the House Financial Services Committee, has recently been an advocate for stopping home foreclosures, which are at an all-time high in America.
The money would be partially funded by profits from the Federal Home Loan Mortgage Corporation (FHLMC) and the Federal National Mortgage Association (FNMA) and would go directly to local communities in order to construct 1.5 million homes over the next decade, according to the iGamblingBusiness report. These bodies are Government-sponsored but privately-owned enterprises endorsed by the Government to authorize loans and loan guarantees.
While most Republicans were expected to vote against Barney's bill, a number of Democrats are likely to do the same as a result of the add-on.
Affordable Housing and Online Gambling: Not Perfect Together