WASHINGTON – The American Homeownership & Economic Opportunity Act, which passed last week on a voice vote with strong bipartisan support, contains numerous provisions designed to make homeownership more affordable for low- and moderate-income families, according to U.S. Rep. John Baldacci.

The bill requires the U.S. Department of Housing and Urban Development to transfer vacant properties to local governments for homeownership opportunities, and to establish grants for local “homeownership zones.”

It also reauthorizes several federal housing initiatives, including the Community Development Block Grant program and the HOME program, said Baldacci.

The measure seeks to soften regulations that may hinder the development of affordable housing and to allow senior citizens to use “reverse mortgages” for living expenses – especially long-term care needs.

“The American Homeownership & Economic Opportunity Act should benefit many Maine families by making it easier for them to purchase a home,” said Baldacci. “This important bipartisan legislation should also help to ease burdens on senior citizens by making it easier for them to utilize their home’s equity to meet other expenses. Finally, this bill should serve to strengthen our economy and improve the quality of life for many people in Maine and throughout our nation.”