State of Play Includes 3 Options
The National Low Income Housing Coalition has provided an update on the “current state of play” of the National Housing Trust Fund (NHTF) including the multiple avenues being pursued to fund the NHTF.
- Lift the Suspension on Fannie and Freddie’s Obligation to Fund the NHTF – NLIHC and many others have called for the suspension of Fannie Mae’s and Freddie Mac’s obligation to fund the NHTF to be lifted. NLIHC estimates that as of the fourth quarter of 2013, Fannie Mae and Freddie Mac owe $761 million to the NHTF. NLIHC is confident that the new FHFA Director Mel Watts is conducting a thorough analysis and is cautiously optimistic that he will reach the conclusion that the suspension should be lifted. If he does, the first funds for the NHTF could be allocated in 2014.
- Housing Finance Reform – As Congress and the Administration move towards housing finance reform, NLIHC and other NHTF supporters are working to assure that the NHTF is included in any new housing finance system and that the new system provides robust funding for the NHTF.
- Mortgage Interest Deduction Reform – The mortgage interest deduction (MID) has long been considered an untouchable portion of the tax code, but changes to the MID are on the table as part of the debate on comprehensive tax reform and deficit reduction. The challenge for housing advocates is assure that any revenue raised by changing the MID stays in housing and is not used for other purposes.
United for Homes is the campaign to fund the National Housing Trust Fund with revenue raised from modifications to the mortgage interest deduction.
Click here for more information about the avenues being pursued to fund the NHTF.
Click here to learn more about the United for Homes Campaign to fund the NHTF.