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House Passes Bill to Create Housing Trust Fund

WASHINGTON, DC-The Federal Housing Financial Reform Act of 2007 would also overhaul the regulatory structure of GSEs.

By Erika Morphy | Updated on May 23, 2007

(Read more on the multifamily market.)

WASHINGTON, DC-The House of Representatives has passed the Federal Housing Financial Reform Act of 2007. The bill calls for the overhaul of the regulatory structure of government-sponsored entities such as Fannie Mae and Freddie Mac and creates a National Housing Trust Fund for families at the extreme end of the low-income spectrum.

While reform of GSEs has been long anticipated, the creation of this fund has been touch-and-go since its original proposal. With the passage of H.R. 1427, “We have gotten further than we have ever had toward creating the fund,” a spokeswoman for the National Low Income Housing Coalition tells GlobeSt.com.

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