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Administration reforms housing policy, promotes renting along with home ownership

WASHINGTON, D.C. -- As the federal government seeks to stabilize the nation’s capital markets, it has embarked on a sweeping reform of U.S. housing policy and is changing a long-standing emphasis on home ownership to also promote the value of renting, says the Obama administration’s top housing official.

The change in federal policy is expected to bolster the multifamily housing market at a time when apartment development and construction have been jolted by the credit crisis.

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