As of May 2001, the GAO reports that approximately 1,500 properties have entered OMHAR
's mark-to-market program.
Then, in 1997, after years of debate and experimentation, Congress passed the Multifamily Assisted Housing Reform and Affordability Act, which created the Office of Multifamily Housing Assistance Restructuring (OMHAR) and implemented Mark-to-Market, an innovative, market-oriented program designed to reduce long-term Section 8 costs while preserving much-needed affordable housing.
In August testimony before the Senate Banking, Housing and Urban Affairs Committee's Subcommittee on Housing and Transportation, OMHAR's director, Ira Peppercorn, outlined his office's mandate very succinctly.
"Enacting the legislation that created OMHAR, however, was just the starting line.