Fund to Produce 1.5 Million Affordable Homes for Low Income Americans.
Washington, DC – On Thursday U.S. Representative Barney Frank (D-MA), Chairman of the House Financial Services Committee, Representative Maxine Waters (D-CA), Chairman of the Subcommittee on Housing and Community Opportunity, and Rep. Jim Ramstad (R-MN), along with other members of Congress, introduced a bill with strong bipartisan support to establish a National Housing Trust Fund (NHTF) to produce, preserve, and rehabilitate 1.5 million affordable homes in 10 years.
The bill, which will provide some of the most substantial federal funding for affordable housing in the last decade, is supported by more than 5,600 local and national organizations around the country, including the National Alliance to End Homelessness.
“The National Housing Trust Fund is a giant step in the right direction, as it attacks the root cause of homelessness – a lack of affordable housing,” said Nan Roman, President of the National Alliance to End Homelessness. “This landmark bill will meet the housing needs of thousands of America’s lowest income families.”
At least 75% of the funds will be allocated for housing for extremely low income households who earn less than 30% of an area’s median income. The bill will be instrumental in preventing homelessness and helping currently homeless individuals and families access affordable housing.
On any given night, approximately 750,000 people experience homelessness, according to research from the National Alliance to End Homelessness. Single adults comprise approximately 59 percent of that number, while the remaining 41 percent are persons living in families.
Housing trust funds have been established by more than 600 state and local governments and are a successful approach to funding affordable housing programs. Permanent housing is an integral part of community “ten year plans” to end homelessness. “It is critical that the federal government increase funding for affordable housing so that each city and state has the resources to provide permanent options to homeless families and individuals,” Roman said.
More information about the National Housing Trust Fund Campaign can be found by clicking here.
This information is from the National Alliance to End Homelessness is a nonpartisan, mission-driven organization committed to preventing and ending homelessness in the United States. The Alliance analyzes policy and develops pragmatic, cost-effective policy solutions. Working collaboratively with the public, private, and nonprofit sectors to build state and local capacity, the Alliance provides data and research that lead to stronger programs and policies that help communities achieve their goal of ending homelessness.