directing the federal financing bank to use its existing authority to finance these fha ensured mort zbajs. and right now we're working with the new york city housing development corporation to close the first project under this initiative this fall. with this project will help rehabilitate affordable renting housing in far rockaway, queens, that was damaged by superstorm sandy. while we remain committed to helping secure affordable and sustainable housing for all americans, we can not act alone. congress needs to extend the mortgage forgiveness debt relief act so struggling families that have lost their homes to foreclosure or that have sold their home in a short sale in order to move into more affordable housing are not punished with a large tax bill. at the same time, it's time for congress to pass housing reform legislation. the work of the senate banking committee was an important milestone on the road to reform, but lawmakers need to keep moving forward. we know we can create a better system that provides responsible americans with mortgage credit while supporting affordable rentals