It’s been over one year since the National Housing Trust Fund was enacted into law as a part of the Housing and Economic Recovery Act of 2008. The Trust Fund’s goal is to produce, preserve, and / or rehab 1.5 million homes in 10 years. Some of its most important features are:
- It is a permanent program and will have dedicated source(s) of funding not part of the yearly governmental budget process.
- At least 90% of the funds must be used for the production, preservation, rehabilitation, or operation of rental housing. Up to 10% can be used for the following homeownership activities for first-time homebuyers: production, preservation, and rehabilitation; down payment assistance, closing cost assistance, and assistance for interest rate buy-downs.
- At least 75% of the funds for rental housing must benefit extremely low income households (in Minnesota, those making less than $22,300 per year), and all funds must benefit very low income households (in Minnesota, those making less than $37,200).
December 17th ’09 Update:
We are another step closer to success on the National Housing Trust Fund. Yesterday, the US House of Representatives passed the Jobs Bill. It included $1 billion for the National Housing Trust Fund.
Now it’s up to the Senate.
Our partners on the national level tell us to
ask our Senators to include funding for the National Housing Trust Fund in the next possible legislative vehicle.
Senator Al Franken has already voiced his support for funding the Trust Fund; so, we should focus our attention on Senator Klobuchar … (202) 224-3244
The Obama Administration has also voiced its support for the Trust Fund … so we are getting really close to success.
Thanks to everyone who has made calls to the Minnesota Congressional Delegation. They are working.
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