WASHINGTON -- The Senate approved legislation last week that provides funding for the new federal housing affordability program but also removes incentives for issuing tax-exempt housing bonds under the program during fiscal year 1992.

The bill now goes to a House-Senate conference for reconciliation with the House version passed last month. The House's bill does not tamper with the housing program's provisions that spur tax-exempt bond issuance, but lobbyists have predicted the Senate's provision will prevail.

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