Today, 709 national, state, and local organizations joined together to express their deep appreciation for the recent bipartisan housing finance reform bill’s inclusion of significant funding for the National Housing Trust Fund.
The Housing Finance Reform and Taxpayer Protection Act of 2014 was released by Senate Committee on Banking, Housing, and Urban Affairs Chair Tim Johnson (D-SD) and Ranking Member Mike Crapo (R-ID) on March 16. Senators Johnson and Crapo received a formal thank you letter signed by the 709 organizations today, April 4.
The bill, commonly referred to as the Johnson-Crapo bill, as drafted would require an assessment of 10 basis points on users of the new housing finance system. These funds would be directed to affordable housing activities with 75% going to the National Housing Trust Fund. The bill provides for potentially at least $3.75 billion a year for the National Housing Trust Fund. This would be the most significant new investment in rental housing affordable to America’s neediest families in forty years.
“We are grateful that you have prioritized the housing needs of very poor Americans in your bill,” wrote the signing organizations.
Fifty-five national organizations signed the thank you letter, representing housing, homelessness, human services, civil rights, disability rights, and religious organizations, all in support of the National Housing Trust Fund receiving a robust dedicated source of revenue.
Established in 2008, the National Housing Trust Fund has yet to receive funding. Once funded, the National Housing Trust Fund will provide communities with funds to build, preserve, and rehabilitate rental homes that are affordable for extremely and very low income households.
The Senate Committee on Banking, Housing, and Urban Affairs will hold a committee mark-up of the Johnson-Crapo bill on April 29. The National Low Income Housing Coalition will cover the mark-up and will continue to follow the progress of the bill.