On December 11, 2014, Mr. Watt wrote to the CEOs of Fannie Mae and Freddie Mac informing them he was terminating the suspension of the requirement that the companies set aside funds for the NHTF and the Capital Magnet Fund (CMF). The decision was cause for celebration among advocates for the two funds, including their champions in the Congress.
The “Dear Colleague” letter shows widespread support on Capitol Hill for the NHTF and Mr. Watt’s decision.
“We thank you … for ensuring that resources designed to assist low income families and communities continue to flow as required by law.”
The letter says.
“This is a game changer. Funding from Fannie Mae and Freddie Mac will result in NJ receiving $7,992,602 in early spring of 2016 to develop supportive housing for extremely low-income households. We still need to work to secure full funding through United for Homes but this initial funding will fill a critical need in NJ.”
Said Richard W. Brown.
Please help Monarch Housing Associates encourage New Jersey’s Members of Congress to sign on to the letter. You can click here for a contact list of Congressional housing staffer.
Housing staffers can contact Carol Wayman with Mr. Ellison to sign on to the letter. The deadline to sign the letter is Thursday, January 22, 2015.