COSPONSORS NEEDED TO GET $1 BILLION IN THE NATIONAL HOUSING TRUST FUND
Call Your Representatives and Senators
The National Housing Trust Fund (NHTF) was established as a provision of the Housing and Economic Recovery Act of 2008, which was signed into law by President George W. Bush in July 2008. The goal of the NHTF is to produce, rehabilitate, and preserve 1.5 million units of affordable housing over the next 10 years. The Obama Administration requested $1 billion to capitalize the trust fund in its FY 2010 budget proposal. Legislation introduced in both the House of Representatives and the Senate would create a funding source to bring in $1 billion for the NHTF:
H.R. 3766, the Main Street TARP Act, would transfer $1 billion to the NHTF from funds yet to be tapped in Troubled Asset Relief Program (TARP, which is also known as the bank bailout program). The bill would limit tenant rent payments to 30 percent of the tenant's income (the "Brooke Provision") for units funded by the NHTF.
S. 1731, the Preserving Homes and Communities Act, would provide $1 billion to the NHTF from the TARP.
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