Schumer Proposal Would Allow HUD To Increase the Size of Loans Guaranteed by FHA for Large Cities Like New York

WASHINGTON, DC – August 4, 2010 – (RealEstateRama) — Sen. Charles E. Schumer (D-NY) introduced legislation today that would increase the access to Federal Housing Administration (FHA) loan guarantees for mutli-family housing developments, by raising the cost per unit that FHA will insure for high-cost areas like New York.