[StBernard] Frank Applauds White House Announcement on the Affordable Housing Trust Fund

[Westley Annis]

October 29, 2009                                    

 

Frank Applauds White House Announcement on the Affordable Housing Trust Fund

Washington, DC - Today, House Financial Services Committee Chairman Barney
Frank (D-MA) released the following statement in response to the White
House's announcement regarding the National Affordable Housing Trust Fund.
In October of 2007, the House of Representatives approved legislation to
create the National Affordable Housing Trust Fund, which was created with
the goal of producing, rehabilitating and preserving 1.5 million rental
housing units over the next 10 years, but so far has yet to be funded. 


"I appreciate the Obama Administration's strong support of two important
housing related items that are in the jurisdiction of the Financial Services
Committee. The Trust Fund is essential both socially and economically. It
will provide relief for low-income people who are unable to find decent
affordable housing; and by funding rental housing, it will provide an
alternative to pushing people into homeownership who cannot afford it. This
combination of a lack of rental housing and an excessive emphasis on
homeownership was a contributing factor to our current situation.

 

"The need for higher loan limits on a regional basis is simply a recognition
that housing values are the most geographically variable segment of our
economy. This will provide regional fairness, and necessary and appropriate
support for homeownership."

 

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