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Washington, DC - Rep. Barney Frank (D-MA), Chairman of the House Committee on Financial Services today offered the following statement regarding Senator John Kerry’s legislation advocating the establishment for the National Affordable Housing Trust Fund in the Senate:
“The shortage of affordable rental housing for people with limited income continues to be one of our most serious social crises and I am pleased that Senator Kerry is taking the lead in this regard. I look forward to working with him and other members of the Senate in bringing this to a successful conclusion next year.”
The National Affordable Housing Trust Fund is an important step in addressing the affordable housing crisis in our country. Over the last several years, many people purchased homes with mortgages they could not afford because they believed it was one of the few avenues to achieving a decent place to live.
In October, the House of Representatives passed The National Affordable Housing Trust Fund Act of 2007. The fund would be the largest expansion in federal housing programs in decades, with a goal of producing, rehabilitating and preserving 1.5 million housing units over the next 10 years. The bill will initially allocate between $800 million and $1 billion annually directly to states and local communities, without increasing government spending or the federal deficit.
For more information about the legislation please click on the following link: http://www.house.gov/apps/list/press/financialsvcs_dem/press1010072.shtml
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