National Housing Trust Fund Bill Passes the Senate and House!

July 14, 2008 at 10:02 pm 1 comment

This could be a major milestone in the quest to get more affordable housing for the folks who need it. It is currently in conference committee which is where the two versions of the bill are reconciled prior to going to the President for his signature.

From the National Low Income Housing Coalition Site (http://www.nlihc.org/template/page.cfm?id=40)

“This housing trust fund, drafted by Senator Jack Reed (D-RI), would be a stand-alone fund that, in addition to the Fannie Mae and Freddie Mac resources identified in the bill, could also accept other sources of revenue. This provision will allow the housing trust fund to continue to grow over time so that more housing affordable to extremely and very low income people can be produced and preserved.

The bill would target at least 75% of the funds to be used for rental housing to people with income below 30% of area median. All of the funds would have to benefit people with incomes below 50% of area median. Furthermore, the bill places a cap on using housing trust fund resources for home ownership at 10%. This will help ensure that the housing trust fund focuses on the very lowest income households, which have the greatest housing affordability problems.”

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Entry filed under: Planning. Tags: , , .

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  • […] RealWorldReally.com – Real World Advice for the Recent College Grad wrote an interesting post today onHere’s a quick excerpt This could be a major milestone in the quest to get more affordable housing for the folks who need it. It is currently in conference committee which is where the two versions of the bill are reconciled prior to going to teh President for his signature. From the National Low Income Housing Coalition Site (http://www.nlihc.org/template/page.cfm?id=40) “This housing trust fund, drafted by Senator Jack Reed (D-RI), would be a stand-alone fund that, in addition to the Fannie Mae and Freddie Mac r […]

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