WASHINGTON - Housing legislation awaiting President Bush's signature would reverse a regulation that lobbyists say hinders the ability of 501(c)(3) organizations to buy low-income units under a federal program.

Under the Housing and Urban Development Department regulation, the terms of mortgages taken out by prospective buyers are limited to 20 years or the remaining term of the original loan on the property. The measure cleared by Congress on Oct. 8 would permit a term of up to 40 years.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.