Industry News

Nearly $1 billion in affordable rental housing proposed

Fannie, Freddie would provide portion of annual monies

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A bill that would provide up to $1 billion a year to build more than 1 million affordable rental units during the next decade and provide down-payment and closing-cost assistance for first-time home buyers has backing from sponsors on both sides of the aisle. The bill, which would create an Affordable Housing Trust Fund, was introduced Thursday and is scheduled for a July 12 hearing before the House Financial Services Committee. The bill's sponsors are committee Chairman Rep. Barney Frank, D-Mass., Rep. Maxine Waters, D-Calif., Rep. John McHugh, R-N.Y., and Jim Ramstad, R-Minn. The Affordable Housing Trust 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. The bill would allocate $800 million to $1 billion a year to states and local communities, part of which could come from Fannie Mae and Freddie Mac. The House last month passed legislati...