To Date, NJ Has Used Housing Trust Fund to Build or Preserve 20 Rental Homes for Extremely Low-Income Households
The upcoming year will be crucial to determining the future of the national Housing Trust Fund (HTF), the first new federal resource in a generation dedicated to building and preserving homes for the lowest income people in America.
And if you are not already a member, now is the time to join the National Housing Trust Fund Campaign! Housing finance reform legislation could be taken up by a lame duck Congress this fall or by the new Congress in 2019.
A new HTF campaign already has over 1,640 organizations that have signed on in support.
Monarch Housing Associates is proud to be one of the almost 70 organizations from New Jersey that have signed on to the HTF campaign.
Click here to see if your organizations is on the list.
Current legislation does not meet the $3.5 billion threshold for HTF funding established in the bi-partisan Johnson-Crapo reform bill of 2014.
Additionally, President Trump may appoint a new Federal Housing Finance Agency director who could once again suspend the statutorily required contributions by Fannie Mae and Freddie Mac to the HTF.
Opportunities for a dramatic expansion of funding to the HTF are also arising, most notably through Senator Warren’s “American Housing and Economic Mobility Act,” which would allocate $44 billion each year to the HTF for ten years.
The HTF must be protected and expanded.
The HTF is already funding the construction of homes for people who are homeless and families experiencing housing instability.
The HTF is the first new federal housing resource in a generation, and it is exclusively targeted to help build and preserve housing that is affordable to people with the lowest incomes.
In the first three years of HTF, $659.8 million has been allocated to states.
Because the HTF is administered as a block grant, each state has the flexibility to decide how to best use HTF resources to address its most pressing housing needs.
Most states have chosen to use their HTF investment to build and preserve affordable rental housing for extremely low income veterans, seniors, people with disabilities or special needs, and people experiencing homelessness.
While these initial rounds of funding is an important first step, far more resources are necessary to meet the need.
NLIHC reports that six projects in New Jersey have used HTF grant awards to build or preserve a total of 20 rental homes for extremely low income households. New Jersey had five “medium” sized awards – amounts greater than $500,000 but equal to or less than $1 million.
To build on this progress and opportunity, NLIHC is re-invigorating the NHTF campaign. The original campaign had thousands of endorsing organizations, elected officials, and local governments prior to the establishment of the HTF in the Housing and Economic Recovery Act of 2008.