Housing
Making Affordable Housing a Reality
In June of 2008 the New York Times noted: "Mr. Reed has had a passion for housing issues throughout his career. Beginning in the early 1980s when, as a young lawyer, he did pro bono work for Amos House, a Providence soup kitchen and social service agency, and continuing after his election to the Rhode Island Assembly, the House and finally the Senate."
Reed has been nationally recognized for championing affordable housing through his efforts to successfully preserve the low-income housing tax credit (LIHTC), a program that has helped construct affordable housing for over 3.5 million Americans.
To revitalize neighborhoods and ensure more Rhode Islanders can have a home of their own, Reed has secured millions of dollars in federal funding to build and preserve affordable housing throughout the state.
Recently, he co-authored legislation to address the needs of middle-class families who are struggling with the mortgage crisis, their neighbors whose homes are losing value due to foreclosures, and the local governments dealing with the fallout from declining property values.
Included in the legislation is Reed's initiative to dramatically expand Fannie Mae's and Freddie Mac's affordable housing mission by creating a new Housing Trust Fund and Capital Magnet Fund, financed by annual contributions from the enterprises, which will be used for the construction of affordable rental housing. These programs are expected to generate $500 million to $1 billion per year for the building and preservation of affordable housing.
Recently, the Senate passed the Foreclosure Prevention Act of 2008 to help more families refinance out of bad loans, stabilize the economy, and improve regulations so this type of foreclosure crisis never happens again. The legislation includes a provision Reed authored to improve consumer disclosures on mortgages and provide stronger protections for families facing foreclosure. Senator Reed was also responsible for provisions in the bill that would expand access to homeownership counseling and make improvements to the FHA Home Equity Conversion Mortgage (HECM) program, which will allow more seniors to safely tap into the equity of their home for other necessary expenses.
To help reduce homelessness nationwide, Senator Reed's bipartisan Community Partnership to End Homelessness Act and Services to End Long-Term Homelessness Act would provide cities and towns with tools they need to place homeless individuals and families into permanent housing. In recognition of his efforts, Reed received the 2007 Stewart McKinney Award from the National Law Center on Homelessness and Poverty (NLCHP) for his leadership in trying to end and prevent homelessness.
Recent News:
Reed Announces $19.6 Million for Neighborhood Stabilization Program
Reed Announces Over $9.6 Million in Community Development Grants for Rhode Island
Congress Passes Landmark Housing Legislation that Includes Several Provisions Authored by Reed
Reed Announces Over $1.2 million for Hope VI Housing in Newport
Senate Banking Committee Approves Plan to Stem Tide of Foreclosures and Create Affordable Housing
Reed Announces Over a Quarter Million in Federal Housing Aid for Rhode Island's Homeless Veterans
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