Legislative Updates 
Housing Production Legislation
In 2008, the Housing and Economic Recovery Act was signed into law. This historic bill established a National Housing Trust Fund, created a Capital Magnet Fund for housing and economic development, and made improvements to the Low Income Housing Tax Credit program. However, the Trust Fund has not yet been funded.
LATEST NEWS:
On October 29, Treasury Secretary Timothy Geithner and HUD Secretary Shaun Donovan announced the Administration's intent to work with Congress to identify a funding source for the Trust Fund, which was authorized by the 2008 Housing and Economic Recovery Act but never capitalized. There are currently several proposals in Congress that would provide $1 billion for the Trust Fund through revenue from the TARP program. Click here for more information.
More Information about the Trust Fund
The National Housing Trust Fund uses funds dedicated annually from Fannie Mae and Freddie Mac and would not require annual appropriations like other housing programs. Advocates are seeking additional funding sources in order to reach the Trust Fund’s goal of creating 1.5 million units of affordable housing within ten years.
At least 90 percent of Trust Fund resources would be for rental housing, including the production, preservation, and rehabilitation of rental housing, or for operating costs. Up to 10 percent can be used for homeownership activities for first-time homebuyers. At least 75 percent of the amount used for rental housing would have to be for extremely low income households (30 percent or less of area median income) or families with incomes at or below the poverty line. Up to 25 percent could be used for the benefit of very low-income families (30 to 50 percent of area median income). Funding would be distributed to States through a formula that HUD will establish.
National Housing Trust Fund Campaign Information
This link provides information about the campaign working to secure ongoing, permanent, dedicated and sufficient sources of revenue for the National Housing Trust Fund to build, rehabilitate and preserve 1.5 million units of housing for the lowest income families over the next 10 years.
Neighborhood Stabilization Fund Resources
Click here for more information about the Neighborhood Stabilization program, which provides funds to communities that have high rates of foreclosure and vacant properties. At least 25 percent of the funding must be used to provide housing, including permanent supportive housing, to people below 50 percent of area median income. This resource includes a fact sheet on how communities can use the funding, as well as links to additional resources.
2009 Policy Guide
This policy guide provides information about the most important federal programs, policies, and legislation affecting homelessness. Key housing and homelessness topics are covered including HUD's McKinney-Vento homeless assistance programs, Section 8 housing choice vouchers, and housing programs dedicated to people with HIV/AIDS, the elderly, and people with disabilities.
Housing and Economic Recovery Act of 2008: National Policy Update
This update describes three major parts of the Housing Bill recently passed by Congress and signed by the President.
Statutory Language Establishing a National Housing Trust Fund (from Public Law 110-289)
This document contains the text of the National Housing Trust Fund section of the recently enacted Housing and Economic Recovery Act. The Trust Fund provides resources that will primarily develop rental housing affordable to extremely low income households.
