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House Passes Housing Trust Fund Act

WASHINGTON, DC-The bill will establish dedicated funding for the development and preservation of 1.5 million affordable homes in 10 years.

By Erika Morphy | Updated on October 11, 2007

WASHINGTON, DC-The House of Representatives has passed the National Affordable Housing Trust Fund Act of 2007. The result of a longstanding campaign by housing advocates, this act will fund the development or rehabilitation of 1.5 million affordable homes in 10 years. At least 75% of the funds will be reserved for households that are extremely low income, earning less than 30% of an area’s median income. A bill is expected to be introduced in the Senate before the end of this session in November or December.

“Congratulations and thanks to Rep. Barney Frank (D-MA) and other leaders in the House who supported this important bipartisan bill,” says Sheila Crowley, president of the National Low Income Housing Coalition. “This is a great moment for the millions of American families and elderly or disabled people whose well-being are compromised every day because they cannot afford even modest safe and healthy homes.”

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