House committee passes affordable housing actMortgagePress.comNational Affordable Housing Trust Fund Act of 2007
Another critical step toward the establishment of a national
housing trust fund was achieved on July 31, when the House
Financial Services Committee approved HR 2895, the National
Affordable Housing Trust Fund Act of 2007. The committee approved
the bill by a vote of 45-23.
If passed by Congress, the bill would provide dedicated sources
of funding for the production, preservation and rehabilitation of
1.5 million affordable homes in 10 years. At least 75 percent of
the funds would go toward housing for households that were
extremely low income (earning less than 30 percent of an area's
median income).
Nationwide, there are currently only 6.2 million homes renting
at prices affordable to the 9 million extremely low-income renter
households—a shortage of 2.8 million homes. Housing is
considered affordable if it costs no more than 30 percent of
household income.
"Today marks another critical milestone for the millions of
low-income households for whom decent housing they can afford does
not exist," said Sheila Crowley, president of the National Housing
Trust Funding Campaign. "Today, the Financial Services Committee
voted to preserve dedicated funding sources and deep income
targeting, to help communities around the country address their
most pressing affordable housing needs. We look forward to this
bill's swift passage by the full House of Representatives."
On June 28, HR 2895 was introduced by Rep. Barney Frank,
chairman of the Financial Services Committee, with strong
bipartisan support from 16 original cosponsors. As of the
committee's passage of the bill, HR 2895 had 38 cosponsors.
For more information, visit www.house.gov.
