Decent, affordable homes for both renters and homeowners is the foundation for social and economic security for American families, yet our country’s housing finance system fails to ensure enough affordable homes for the country’s lowest income people. Comprehensive reform to the housing finance system presents an opportunity to address this serious shortcoming. In creating a system that serves all communities and all housing needs, policymakers can structure our housing finance system to achieve the housing goal that Congress established in 1949: “a decent home and a suitable living environment for every American family.”

 

Recommendation

NLIHC recommends that any housing finance reform legislation expand the national Housing Trust Fund to at least $3.5 billion annually to ensure that Fannie Mae and Freddie Mac can support housing that extremely low income renters can afford – activity that is not possible through any of their business products. Together, a broad and enforceable commitment to access and affordability throughout the housing market and funding for the Housing Trust Fund and Capital Magnet Fund help ensure that no community or household is left out of the housing finance system, and they comprise essential tools to addressing the full breadth of our nation’s housing needs. Such obligations must be preserved and strengthened in housing finance reform.

Diane Yentel's Testimony:

House Financial Services Committee, December 21, 2018

 


For more information, contact Elayne Weiss, Policy Analyst, at [email protected] or 202.662.1530 x243.

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