Housing Trust Fund Could Get $1 Billion

Passage of a jobs bill in the next few weeks could provide the first $1 billion of seed money for the National Housing Trust Fund. Supporters estimate the trust fund could spark the construction of 10,000 affordable rental units while creating 15,000 new construction jobs. After a multi-year lobbying campaign led by the National Low-Income Housing Coalition, Congress passed legislation in 2008 to create the NHTF that would be funded by Fannie Mae and Freddie Mac. But low-income housing advocates lost that funding source when the GSEs were placed in conservatorships. Housing supporters are hopeful the Senate will pass the jobs bill (H.R. 4213) with the one-time funding for the start up of the trust fund. The House passed the bill May 28 by a 215-204 vote. "We are hopeful and it couldn't come a better time. States are eager to build affordable housing," said NLIHC vice president Linda Couch. The Senate is expected to begin consideration of the jobs bill when it returns from the Memorial Day recess.