A Republican committee is seeking to create a new government-sponsored enterprise that, with the aid of state housing agencies, would lend funds to home builders for the construction of low- to moderate-income residences.

The proposal involves the federal chartering of a $1.5 billion entity that would finance home builders in areas where real estate prices remain out of reach for first-time and low-income buyers. The initiative is authored by the House of Representatives Republican Research Committee, which is chaired by Rep. Duncan Hunter, R-Calif.

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