WASHINGTON, DC-The House of Representatives has passed theNational Affordable Housing Trust Fund Act of 2007. The result of alongstanding campaign by housing advocates, this act will fund thedevelopment or rehabilitation of 1.5 million affordable homes in 10years. At least 75% of the funds will be reserved for householdsthat are extremely low income, earning less than 30% of an area'smedian income. A bill is expected to be introduced in the Senatebefore the end of this session in November or December.
“Congratulations and thanks to Rep. Barney Frank (D-MA) andother leaders in the House who supported this important bipartisanbill,” says Sheila Crowley, president of the National Low IncomeHousing Coalition. “This is a great moment for the millions ofAmerican families and elderly or disabled people whose well-beingare compromised every day because they cannot afford even modestsafe and healthy homes.”
The House voted 264 to 148 to pass H.R. 2895, in part due to theintense lobbying by the NLIHC, which has been working since 2001 toestablish a national housing trust fund, which the CongressionalBudget Office estimates have a combined value of $800 million to $1billion a year.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
