Mr. Speaker. I want to reassure my colleagues both that the administration concerns on the housing guarantees are groundless and that there Is a pressing need for this program. First. these guarantees simply enable Israel to receive more favorable terms for the huge loans it will take out in order to build approximately 25.000 housing units for the new Immigrants. Israel has never defaulted on loans to international creditors. nor has It ever made a late payment. It Is therefore unlikely that AID will have to repay the loans taken out. Second. and tied In to the first. it Is precisely because these are loan guarantees that there is no additional cost to the United States Government or taxpayer. unless Israel defaults.
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Immigrants