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by CareyBot

The Bush administration opposes a plan to tap Fannie Mae, Freddie Mac and the Federal Housing Administration to fund affordable rental units and down-payment assistance for first-time home buyers. A bill introduced last month, HR 2895, would create a National Affordable Housing Trust Fund to be administered by the Department of Housing and Urban Development (HUD), and provide up to $1 billion a year in funding. Backers say the fund would be used to build, rehabilitate and preserve 1.5 million units of affordable rental housing, and to provide down-payment and closing-cost assistance for first-time home buyers. But HUD Assistant Secretary Brian Montgomery told members of the House Financial Services Committee Thursday that the bill's reliance on projected revenue from the FHA woul...