House Financial Services Committee Chairman Barney Frank (D-Mass.), a longtime advocate of preservation as a key element in the nation’s affordable housing strategy, has drafted a comprehensive bill to save the urban and rural low-income housing inventory.
President Barack Obama has outlined a fiscal 2010 budget that provides more funding for federal housing programs, including $1 billion for the national Affordable Housing Trust Fund.
With the low-income housing tax credit (LIHTC) market staggering from a massive reduction in equity investment, program advocates are pressing Congress for legislative changes to attract new investors.
Restoring the housing industry to health will be a key priority of the incoming administration and Congress.
The sudden government takeover of Fannie Mae and Freddie Mac raised concerns about the governmentsponsored enterprises’ (GSE) continuing support for affordable housing, and the new GSE regulator has tried to calm those fears by affirming their commitment to their basic mission.
