The National Housing Trust Fund Campaign, coordinated by the National Low Income Housing Coalition along with more than 5,600 endorsers across the country, welcomes the introduction of legislation in the U.S. Senate to establish a National Affordable Housing Trust Fund (NHTF), which will address the serious housing needs of millions of households.
The bill was introduced by Senator John Kerry (D-MA) with the tripartisan co-sponsorship of Senators Olympia Snow (R-ME), Bernie Sanders (I-VT), Pete Domenici (R-NM), Charles Schumer (D-NY), Susan Collins (R-ME), and Edward Kennedy (D-MA).
The National Housing Trust Fund Campaign commends Senator Kerry and his cosponsors for their leadership in addressing the affordable housing crisis and their commitment to providing the resources necessary to build housing that is affordable for the lowest income families.
The bill will 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 will be for housing for households that are extremely low income, earning less than 30% of an area's median income.
“The NHTF Campaign has reached this milestone today because of the hard work of thousands of low income housing advocates who are educating their elected officials about the critical shortage of affordable housing for the lowest income people in our country,” said Sheila Crowley, President and CEO of the National Low Income Housing Coalition. “We look forward to working with Senators Kerry and Snowe and the other original cosponsors to move their bill through the Senate in 2008.
On October 10, the U.S. House of Representatives passed H.R. 2895, the National Affordable Housing Trust Fund Act of 2007, by a strong bipartisan vote of 264-148. The bill was introduced by House Committee on Financial Services Chair Barney Frank (D-MA) with 16 bipartisan cosponsors on June 28. The Senate and House bills are nearly identical.
The need for a National Housing Trust Fund is well documented. Nationwide, there are only 6,187,000 homes renting at prices affordable to the 9,022,000 extremely low income renter households - a shortage of 2,835,000 homes. Not a single Congressional district has enough rental housing affordable and available to extremely low income families. Housing is considered affordable if it costs no more than 30% of household income.
“Good housing that a family can afford is the foundation for healthy children, productive adults, secure seniors, and thriving communities. For too long, the federal government has neglected the housing problems of the poorest Americans. That will change with the enactment of a National Affordable Housing Trust Fund,” said Crowley. Housing trust funds already have been established by more than 600 state and local governments and have proven to be a successful approach to funding affordable housing programs.
Senator Kerry introduced bills to establish a National Housing Trust Fund in the 106th, the 107th and the 108th Congresses. In addition, Senator Sanders championed similar legislation when he was a member of the House in the 107th and 108th Congresses.
Source: MultifamilyBiz.com