New Year Brings Opportunities to
Implement and Strengthen NHTF Funding
Mel Watt, the Director of the Federal Housing Finance Agency, has lifted the suspension on Fannie Mae and Freddie Mac’s obligation to contribute to the National Housing Trust Fund (NHTF) and the Capital Magnet Fund (CMF).
At long last, the NHTF will be funded.
Congratulations to our partners at the National Low Income Housing Coalition (NLIHC) and the Housing Community Development Network (HCDNNJ) and to our fellow advocates across the New Jersey who fought for funding the NHTF.
“This victory reminds us that persistence ultimately leads to progress. In the words of Nelson Mandela, ‘it always seems impossible until it is done.”
Said Sheila Crowley, President, National Low Income Housing Coalition (NLIHC).
After eight years of advocacy to get the NHTF established and another six years to secure a dedicated funding source, the National Housing Trust Fund will provide resources to make housing affordable to people at the lowest incomes. These households including working people depending on low wage jobs, seniors and people with disabilities on fixed incomes, and others currently priced out of the communities they call home.
“This is an important step in the right direction. The NHTF has the potential to stimulate innovative “best practice” for Extremely Low Income (ELI) households with incomes between 0 and 30% of Area Median Income in the states targeted to people with disabilities who are homeless, institutionalized, or most at risk of these conditions – including new Permanent Supportive Housing units. Once this is fully funded, it will be the key to ending homelessness.”
Said Richard W. Brown, CEO of Monarch Housing.
The National Housing Trust Fund, which will be administered by the U.S. Department of Housing and Urban Development (HUD), is the first new Federal housing program to address the needs of people with extremely low incomes in more than four decades.
It is crucial that together we make sure that the implementation of the NHTF is exemplary. The NHTF Campaign will be working on three fronts going into the new year:
- Implementation of the NHTF,
- Getting more money for the NHTF, and
- Defending the NHTF from its detractors in Congress.
This is a positive step in the right direction and the United for Homes campaign offers the opportunity to continue to advocate for fully funding the NHTF through reforms to the mortgage interest deduction.
Click here to learn more about the United for Homes Campaign.