The National Housing Trust Fund Campaign has sent a letter to the Obama-Biden Transition Team detailing the next steps of the Campaign and thanking the President-Elect for his continued support of the National Housing Trust Fund
The letter details:
The next steps for the National Housing Trust Fund Campaign are as follows:
1. Work with HUD to develop regulations to be in effect by July 30, 2009. We have been meeting with current HUD officials, in particular career staff, who are working on the regulations. We want to facilitate as smooth a transition as possible on this task so as to prevent any delays in program implementation.
2. Protect Fannie Mae and Freddie Mac as the initial sources of funding. The legislation that created the National Housing Trust Fund directs Fannie Mae and Freddie Mac to contribute “4.2% basis points for each dollar of new business” annually to an Affordable Housing Fund, which in turn funds the National Housing Trust Fund. The structure and function of Fannie Mae and Freddie Mac will be the subject of much debate and change in the 111th Congress. We must assure that this dedicated source for the National Housing Trust Fund survives this process.
3. Enact legislation to increase annual funding of $5 billion. The National Housing Trust Fund campaign has a goal of generating five billion dollars annually for the Fund. The initial sources of funding are estimated to generate just $300 million a year. Shortly, we will propose a list of other possible dedicated funding sources to Chairman Dodd and Chairman Frank. We will submit the same list to the Transition Team.
4. Enact legislation to clarify and enhance provisions in the legislation that established the National Housing Trust Fund. There are several issues that may not be able to be resolved by regulation.
To Read the Obama-Biden Transition Team Letter in its entirety please visit: