Senate Bill Creates Housing Trust Fund at the National Level

May 20, 2008

PRESS RELEASE

FOR IMMEDIATE RELEASE: May 20, 2008

Contact: Sheila Crowley, 202-662-1530, ext. 225, cell 540-907-2993, sheila@nlihc.org

Senate Bill Creates Housing Trust Fund at the National Level

WASHINGTON, DC -With the Senate Banking, Housing, and Urban Affairs Committee’s approval of “The Federal Housing Finance Regulatory Reform Act of 2008” today, the National Housing Trust Fund Campaign has moved one step closer to accomplishing its core goal: establishing a housing trust fund at the federal level with a dedicated source of revenue (and potentially other sources) for the production and preservation of rental housing for the lowest income people who have the most serious housing problems.

“We are very pleased that at long last a bipartisan bill has come out of committee in the Senate that creates a national housing trust fund with dedicated funds to build and preserve rental homes for low wage workers and elderly and disabled people on fixed incomes,” said Sheila Crowley, President of the National Low Income Housing Coalition, which leads the National Housing Trust Fund Campaign. “The shortage of affordable homes for the lowest income people in our country has gone unnoticed for too long. Today is a milestone in the quest to assure a decent home for everyone in the United States.”

Legislation to establish a National Housing Trust Fund with a dedicated source of revenue has already cleared the House.

Reports that surfaced last week that the money intended for the Housing Trust Fund would be diverted to pay for the foreclosure prevention provisions of the bill raised considerable alarm among housing trust fund advocates across the country. The bill as passed today diverts half of the money intended for the housing trust fund in its first year and 25% in its second year. After that 100% of the funds go into the housing trust fund. The Senate bill creates a permanent housing trust fund.

“We will continue to work to direct more revenue to the housing trust fund, needed to accomplish our goal of building and preserving 1.5 million homes,” said Crowley.

The National Housing Trust Fund Campaign, with over 5,700 endorsers across the country, will monitor the bill as it goes to the floor and in conference. “We look forward to a successful outcome in the 110th Congress,” said Crowley.

For more information about the National Housing Trust Fund Campaign, go to www.nhtf.org.

The National Low Income Housing Coalition is a membership organization dedicated solely to ending America’s affordable housing crisis. NLIHC educates, organize and advocates to ensure decent, affordable housing within healthy neighborhoods for everyone.

The National Low Income Housing Coalition recognizes journalists who do an exemplary coverage of the affordable housing crisis. For more information, go to www.nlihc.org/cndma.