Representative Denny Heck (WA-10) introduced legislation on January 14 to expand the national Housing Trust Fund (HTF), with Representatives Clay (MO-01), Blumenauer (OR-03), and Perlmutter (CO-07) joining as original cosponsors.
The “Fulfilling the Promise of the Housing Trust Fund Act” (H.R. 5599) would significantly increase funding for the national Housing Trust Fund, which provides states resources to build and preserve rental homes affordable to the lowest-income people in America. The bill redirects a 10-basis point – or 0.1% – “guarantee fee” currently levied by Fannie Mae and Freddie Mac to the HTF. In 2011, Fannie and Freddie were required to increase their guarantee fees for ten years to create extra profits that would go to reduce the federal deficit. This bill preserves the guarantee fee increase but directs the proceeds to the HTF, increasing funding to the program by billions every year.
NLIHC president and CEO Diane Yentel was featured in Representative Heck’s press release announcing the legislation. “Given the growing crisis and its impact on those with the greatest needs,” Diane said, “leaders in Congress must seize every opportunity to expand the national Housing Trust Fund and other key solutions to ending homelessness and housing poverty once and for all. I applaud Rep. Heck for his leadership in introducing legislation that will take an important step forward in addressing this tragic, yet solvable, crisis.”
Earlier this year, Diane testified before the New Democrat Coalition Housing Task Force, which is co-chaired by Representative Heck, about solutions to the nation’s affordable rental housing crisis, including greater investments in the HTF.
Read the bill at: https://bit.ly/38iVxAd
Read Representative Heck’s press release at: https://tinyurl.com/rxagu9z