Mel Watt Urged by 78 House Members to Fund NHTF

No NJ House Signed the Letter
Ask your Member to Join Their Support!

NHTF Gains Support at Senate HearingOn July 21, 2014, 78 members of the House of Representatives sent a letter to Mel Watt, Director of the Federal Housing Finance Agency (FHFA), urging him to lift the suspension of payments by Fannie Mae and Freddie Mac to the National Housing Trust Fund (NHTF) and Capital Magnet Fund.

Representative Keith Ellison (D-MN) spearheaded the letter.

To date, no members of New Jersey’s House delegation have signed on to the letter. You can email the housing staffer for your member and urge him to sign on to the letter.

Congressional Housing Staffers
The initial dedicated source of funding for the NHTF was an assessment on the volume of business of Fannie Mae and Freddie Mac. However, their obligation to fund the NHTF was temporarily suspended shortly after the programs were authorized in July 2008, due to the potential financial instability at Fannie Mae and Freddie Mac in the midst of the fall 2008 financial crisis. Even though financial markets have since stabilized and Fannie Mae and Freddie Mac have been profitable since 2012, payments remain suspended.

In the letter, the House signatories wrote:

“We urge you to lift this temporary suspension and begin to follow the intent of Congress by contributing to the National Housing Trust Fund and the Capital Magnet Fund. The need for affordable rental housing and job and business investment in disadvantaged communities has only grown since the Great Recession…We respectfully request that you review this matter soon and respond to our request.”

Click here for the letter.