Sponsors: Frank, Waters, Miller of California, Ramstad, Velázquez, McHugh, English of Pennsylvania, Green of Texas, Shays, Murphy of Connecticut, Dent, Lee, Renzi, Clay, Smith of New Jersey, Lynch, Hinojosa.
Introduced by Frank on 28 June 07; passed to House 26 July 07
The goal of the Trust Fund is to construct, rehabilitate, and preserve 1,500,000 units of housing over the next 10 years. The bill seeks to accomplish this with funding from the proposed GSE Affordable Housing Fund (H.R. 1427), FHA savings that result from the enactment of the Expanding American Homeownership Act (HR 1852), and other sources subsequently identified.
Sixty percent of monies will go to participating local jurisdictions and 40 percent to states, Indian Tribes and insular areas. A proportionate amount of funds to states must go to rural areas in each State. All Trust Fund monies must be used for low-income families.
The bill allows Trust Fund monies for construction, rehabilitation, acquisition, preservation incentives, and operating assistance to facilitate affordability. Funds may be used for both affordable rental housing and for assistance for first-time homebuyers.
Use of funds for administrative costs or expenses, political activities, advocacy, lobbying, counseling, travel expenses, and tax returns is prohibited.
The bill requires a match for Trust Fund dollars equal to 12.5 percent if provided from state, local and private resources or 25 percent if provided from federal sources. Up to 33 percent of this match may be provided through binding commitments to provide services for residents.
Latest Major Action: 7/31/2007 Passed by House Financial Services Committee.
Status: Ordered to be Reported (Amended) by Voice Vote.