House OKs $1 billion-a-year housing fund

The House of Representatives approved legislation Wednesday that would siphon off up to $1 billion a year from Fannie Mae, Freddie Mac and the Federal Housing Administration to build affordable rental housing and provide down-payment assistance for first-time home buyers.

Supporters of HR 2895, the National Affordable Housing Trust Fund Act of 2007, say it would be the largest expansion in federal housing programs in decades -- providing $800 million to $1 billion a year to build, rehabilitate or preserve 1.5 million units of rental housing over the next decade.

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