The House Financial Services Committee passed H.R. 2895, the “National Affordable Housing Trust Fund Act of 2007” by a vote of 45-23. This bill, introduced by Reps. Barney Frank (D-MA) and Jim Ramstad (R-MN) will create a national fund to be used for to produce, rehabilitate, and preserve affordable housing. Funds could also be used for homeownership assistance including downpayment and closing costs. The Trust Fund would not require an annual appropriation, as it would take monies from profits generated by the GSEs and from income derived from the FHA HECM program. NAR supports the Trust Fund as a positive step to combat the affordable housing crisis in America. This bill expected on the House floor in early September. There is no companion bill in the Senate.

Megan Booth 202-383-1222