National Affordable Housing Trust Fund Act of 2007

NATIONAL AFFORDABLE HOUSING TRUST FUND ACT OF 2007 -- (House of Representatives - October 10, 2007)

BREAK IN TRANSCRIPT

Mr. UDALL of Colorado. Mr. Chairman, I rise in strong support of the ``National Affordable Housing Trust Fund Act.'' This legislation does a great deal to expand safe and affordable housing opportunities for millions of American families.

The bill will initially allocate between $800 million to $1 billion annually to States and local communities for affordable housing projects for purposes such as construction and rehabilitation. Funds may also be used for both rental housing and for down payment and closing cost assistance by first-time homebuyers.

It would reach this worthy goal without increasing Government spending or the Federal deficit. The revenue of the fund is supported through fees from Fannie Mae and Freddie Mac and the increase in the number of FHA loans provided for in legislation already passed by the House of Representatives.

This fund is also targeted; it must be used for low- and moderate-income families, below 80 percent of State or local median income. The bill also prohibits funds from being used for administrative costs or expenses, political activities, advocacy, lobbying, counseling, travel expenses, and preparation of or advice on tax returns. Any misuse of funds is required to be reimbursed.

This legislation, now more than ever, is worth supporting to expand affordable housing and mortgage loan opportunities for families at risk. I urge a ``yea'' vote.

BREAK IN TRANSCRIPT

Source