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Inside Washington (06/25/2009)
* WASHINGTON (6/26/09)--Small businesses seeking expansion will be able to refinance existing loans to purchase real estate and other fixed assets as a result of permanent changes to the Small Business Administration’s (SBA) 504 loan program. The 504 loan program can be used to purchase business real estate or fixed assets, such as heavy equipment or machinery, and expand current development projects. Borrowers are eligible for refinancing if: the debt being financed was incurred to acquire land, construct a building or purchase equipment; the debt is collateralized by fixed asset; the debt was incurred for the business’ benefit; the new financing provides a substantial benefit to the borrower; and the borrower has been current on all payments of existing debt for one year prior to the date of refinancing ... * WASHINGTON (6/26/09)--The Securities and Exchange Commission Wednesday met to discuss new regulations to improve the resilience and safety of money market mutual funds (American Banker June 25). The agency is considering possible changes to include imposing new liquidity requirements, strong investment requirements and shortened maturity limits ... * WASHINGTON (6/26/09)--During a hearing Thursday in front of the House Financial Services Committee, Department of Housing and Urban Development (HUD) Secretary Shaun Donovan emphasized the need for preservating affordable housing (RTTNews June 25). There are fewer than three units available for every four very-low income households, and only half the number of units needed is available for those in poverty, he told the committee. HUD is exploring an agreement to enter into longer term Section 8 contracts, Donovan added. The House Financial Services Committee’s Thursday hearing was titled, “Legislative Options for Preserving Federally and State-Assisted Affordable Housing and Preventing the Displacement of Low-Income, Elderly and Disabled Tenants.” Donovan was the only scheduled witness ...


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