National Affordable Housing Trust Fund Act Introduced

Posted by Orb Staff on December 20, 2007 No Comments
Categories : Residential Mortgage

Sen. John Kerry, D-Mass., has introduced legislation in the U.S. Senate to establish a National Affordable Housing Trust Fund. According to the National Low Income Housing Coalition, which supports the bill, the legislation would address the serious housing needs of millions of households.

Specifically, the bill would establish a dedicated funding source for the production, preservation and rehabilitation of 1.5 million affordable homes over 10 years. At least 75% of the funds would be for housing for households that are extremely low income, earning less than 30% of an area's median income.

Tripartisan co-sponsorship was provided by Sens. Olympia Snowe, R-Maine; Bernie Sanders, I-Vt.; Pete Domenici, R-N.M.; Charles Schumer, D-N.Y.; Susan Collins R-Maine; and Edward Kennedy, D-Mass. The bill is similar to H.R.2895, the National Affordable Housing Trust Fund Act of 2007, which was passed by the House in October – by a bipartisan vote of 264-148.

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