Johnson-Crapo Housing Reform Attracts Support, Opposition

NHTF “Game Changer”
Assures Affordable Housing

Senator Mike CrapoOn behalf of 709 national, state, and local signatory organizations, the National Low Income Housing Coalition (NLIHC) delivered a letter to Senate Banking, Housing and Urban Affairs Committee Chairman Tim Johnson (D-SD) and Ranking Member Mike Crapo (R-ID) on April 4 that thanks them for providing robust funding for the National Housing Trust Fund (NHTF) in their proposed housing finance reform bill.

The letter, which Monarch Housing signed,  cites the section of the bill that would assess a ten basis point fee on users of the new housing finance system. This fee is estimated to generate $5 billion a year. The bill would direct 75% of the funds raised to the NHTF.

The letter calls the NHTF a “game-changer in the ability of states to assure decent and affordable homes for their residents who are elderly, have disabilities, are homeless, or are low wage working families.”

Senator Tim JohnsonNLIHC and many others are working with committee staff to clarify and improve the overall bill language in advance of the April 29 full committee mark-up. But opposition from the right is heating up. 60Plus, a 501(c)(4) organization that promotes conservative causes, has issued television attack ads against seven Senators for their support of the Johnson-Crapo bill. The ads call the bill the “Obamacare for the mortgage industry.”

In addition to Senator Crapo, the Senators targeted by the ads are:

All serve on the Senate Banking Committee. Senators Warner and Hagan are running for reelection this year.

A review of the ads by Factcheck.org, a nonpartisan, nonprofit project that “aims to reduce the level of deception and confusion in U.S. politics” shows the assertions made in the ads to be false.

The National Housing Conference (NHC) will be issuing a statement on behalf of housing organizations, including NLIHC, objecting to the ads. The NHC statement says that the “opposition to needed reform has little to do with creating homes for Americans.”

Click here to read the thank you letter to Senators Johnson and Crapo.

Click here to read the NLIHC press release.

Click here to view the 60plus ads.

Click here to read the FactCheck.org analysis.