This important update is from our friends at the Housing & Community Development Network of NJ.
On Tuesday, May 22, the House of Representatives approved a new, dedicated source of revenue for a National Housing Trust Fund.
We would like to thank everyone who called their Congressional representative asking them to vote for this bill. New Jersey should be proud that with the exception of Congressman Garrett, ALL of our Congressmen voted for final passage of the bill.
Please thank your Congressional representative (except if you live in Garrett’s district) for his vote.
For years, housing advocates have pushed for a dedicated source of funding for affordable housing. H.R. 1427, the Federal Housing Financial Reform Act of 2007, known as the Government Sponsored Enterprises (GSE) regulatory reform bill would reserve approximately $600 million a year from GSEs Fannie Mae and Freddie Mac as a dedicated source of funding for a future National Housing Trust Fund. H.R. 1427 passed the House by a vote of 313-104.
The National Housing Trust Fund Campaign is advocating for a National Housing Trust Fund that would support the production, rehabilitation and preservation of 1.5 million rental homes over 10 years, at least 75% of which will be affordable to extremely low income families.
The Senate now needs to introduce a companion bill and take action.