Several committee members were concerned that the Extended Downpayment Assistance Program was not meeting the needs of residents of our smallest communities. A "catch-22" situation exists for residents who make too much money to qualify for downpayment assistance directly from the Housing Corporation. These residents also cannot qualify for a regular mortgage from the banks because they do not hold title to the land on which they propose to build a house.
Committee members believe that a review of the EDAP Program as it relates to residents of smaller communities is in order. This review should include consideration of how the Housing Corporation can help those residents who make sufficient money to look after their own housing needs, but cannot access Housing Corporation programs or bank mortgages.
Thank you, Mr. Chairman.