A senate-House Conference Committee has accepted a proposal by Sen. Jacob Javits (R. NY) that would provide $25 million in housing guarantees for Israel. The proposal also provides $25 million in guarantees for housing to Egypt. The Conference report containing Javits’ proposal has been sent back to the Senate and House for approval in both chambers.
The Javits proposal, an amendment to the International Development Assistance Act of 1979, would permit Israeli banks to borrow up to $25 million in the United States for the purpose of providing housing to lower income families in Israel.”
Javits explained that “the provisions of this amendment are intended to enable developing countries, especially middle income level developing countries, to participate in the housing investment guarantee program in order to improve the housing conditions of their lower income families.
“This amendment will help provide housing for low income people in both countries, at least cost to the U.S. taxpayer,” Javits said. “Both countries can very effectively use the housing guarantee programs for projects which meet the developmental criteria in the law.”
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