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Group calls for affordable rental housing

Report: Family needs $38K income for typical rental unit

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As the deluge of distressed properties pushes more and more Americans out of their homes and into rental housing, the cost of renting is rising at the same time that the economic downturn has pushed wages down, according to a report by the National Low Income Housing Coalition. The housing coalition is calling on Congress to fund the National Housing Trust Fund, created in 2008. Ninety percent of the fund's monies would go to the building, rehabilitation and preservation of low-income rental housing, and 10 percent would go to assist first-time homebuyers, including providing downpayment, closing cost, and interest-rate buydown assistance. "A housing policy that embraces affordable rental housing along with affordable homeownership is one that will help the recovery of the housing market overall and lead to a more financially healthy population, one that will have a better chance of entering the homeownership market in a sustainable way in the future,&q...