Proposal would create a national affordable housing trust fund

WASHINGTON – June 29, 2007 – Florida has affordable housing trust funds, but a bill introduced yesterday in the U.S. Congress would take it to the next level – creating a national affordable housing trust fund.

The legislation would help address the growing crisis in housing affordability by providing additional resources for the building, rehabilitation and preservation of affordable homes and rental units, according to the National Association of Realtors (NAR).

“Homeownership serves as a cornerstone of our democratic system of government and continues to be a strong personal and social priority for most Americans,” said Pat V. Combs, NAR president, in a letter to Congressman Barney Frank (D- Mass.), chairman of the House Financial Services Committee. “Realtors recognize that accessibility to safe, decent and affordable housing at all levels – rental or ownership – must be one of our nation’s highest priorities.” Combs thanked Chairman Frank for his commitment and for introducing legislation to create an affordable housing fund.

The bill would make funds available for rental housing, and downpayment and closing cost assistance for first-time homebuyers. “Sadly, the stock of affordable rental units is rapidly declining and the difficulty of finding affordable homes to buy is increasing. This fund can have an immediate impact for many families,” Combs said.

NAR pledged its support and said it would work closely with Frank and the committee on this national issue.

© 2007 FLORIDA ASSOCIATION OF REALTORS®

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