Title: National Affordable Housing Trust Fund Act of 2007
Vote Smart's Synopsis:
Vote to pass a bill that creates a trust fund to increase the availability of affordable housing for low-income families.
Establishes the National Affordable Housing Trust Fund in the Treasury of the United States (Sec. 2).
Increases the amount of funding appropriated for housing counseling under the Housing and Urban Development Act of 1968 by $100.00 million for each of the fiscal years 2008 through 2012 (Sec. 2).
Appropriates $25.00 million for each of the fiscal years 2008 through 20012 for increasing funding for the improvement of technology, procedures, processes, program performance, and salaries for mortgage insurance programs under the National Housing Act (Sec. 2).
Requires the Secretary of Housing and Urban Development to establish a formula for allocating money for housing assistance among states, Indian tribes, insular areas, and local jurisdictions based on the needs and population of the area and the funding for each fiscal year (Sec. 2).
Allows organizations receiving grants from the Trust Fund to give preference to awarding affordable housing grants to first responders, public safety officers, teachers, and other eligible public employees (Sec. 2).
Requires at least 75 percent of Trust Fund grant amounts to be used for affordable housing to families whose incomes do not exceed the higher amount of either the poverty line for a family of the size involved or 30 percent of the median family income for their location (Sec. 2).
Allows a family to receive a rent contribution grant of up to 30 percent of the family's adjusted income if the rental unit is legally bound to charge a rent equal to the lesser of the existing fair market rental and 30 percent of the adjusted gross income of a family whose income is 65 percent of the median income for the area (Sec. 2).
Requires preference for housing assistance grants to be given to families who have applied to a public housing agency for assistance and been on the Section 8 or Public Housing waiting list for 12 months or longer (Sec. 2).
NOTE: THIS IS A SUBSTITUTE BILL, MEANING THE LANGUAGE OF THE ORIGINAL BILL HAS BEEN REPLACED. THE DEGREE TO WHICH THE SUBSTITUTE BILL TEXT DIFFERS FROM THE PREVIOUS VERSION OF THE TEXT CAN VARY GREATLY.