NLIHC urges supporters of the National Housing Trust Fund (NHTF) to sign a letter to Senate Banking Committee Chair Tim Johnson (D-SD) and Ranking Member Mike Crapo (R-ID) thanking them for prioritizing the National Housing Trust Fund (NHTF)` in the discussion draft of their legislation, the Housing Finance Reform and Taxpayer Protection Act of 2014 (see Memo, 3/14).
The Johnson-Crapo bill would wind down the government sponsored enterprises Fannie Mae and Freddie Mac and create a new housing finance system. All securities guaranteed by the new system would be assess a 10 basis point fee that would generate approximately $5 billion for affordable housing. The draft bill would direct 75% of the funds to the NHTF.
While NLIHC shares some of the concerns expressed by others about how rigorously the bill would assure access to credit to all credit-worthy borrowers, Senators Johnson and Crapo provided so generously for extremely low income renters that they deserve this expression of gratitude.
The deadline for signing on is Thursday, March 27.