The House Financial Services Committee is scheduled to mark up a GSE regulatory reform bill on March 28, according to Chairman Barney Frank, D-Mass., but he still hasn't finished drafting the section of the bill that creates an affordable housing fund.Rep. Frank wants the AH fund, which depends solely on Fannie Mae and Freddie Mac contributions, to funnel $500 million to the Gulf Coast states this year to rebuild affordable housing that was damaged or destroyed in the 2005 hurricanes. These funds will go to local governments with appropriate safeguards and "bypass" the Department of Housing and Urban Development, Rep. Frank told a National Low Income Housing Coalition conference in Washington. During the second year, contributions by the two government-sponsored enterprises would go directly to a newly created National Housing Trust Fund. Chairman Frank said he plans to introduce a trust fund bill this spring.

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