Magazine article Mortgage Banking

Affordable Housing Trust Fund Bill Clears House Committee

Magazine article Mortgage Banking

Affordable Housing Trust Fund Bill Clears House Committee

Article excerpt

A little more than a month after it was filed, the House Financial Services Committee in late July moved a bill that would establish a new goal of the federal government to produce, rehabilitate and preserve 1.5 million housing units over the next 10 years.

The National Affordable Housing Trust Fund Act of 2007 (H.R. 2895), as amended, would initially allocate between $800 million and $1 billion annually to states and local communities, without increasing government spending or the federal deficit, according to House Financial Services Committee Chairman Rep. Barney Frank.

"Given our severely constrained fiscal realities, we are today doing the best we can to address this--creating a low-income housing trust fund that will be paid for in ways that do not draw from federal tax revenues," said Frank.

The National Affordable Housing Trust Fund would be funded from amounts provided from the GSEs' Affordable Housing Fund, which was part of the recently passed Federal Housing Finance Reform Act of 2007 (H.R. 1427), as well as from savings from Federal Housing Administration (FHA) reforms contained in the Expanding American Homeownership Act (H. …

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