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Support $1 Billion for the National Housing Trust Fund
You can take action on this alert by reading the information below and following the
directions at the bottom.
Please contact your member of Congress in support of providing $1 billion for the National Housing Trust Fund (NHTF) before Congress adjourns later in December.
The National Low-Income Housing Coalition estimates that $43 million in NHTF money would go to Illinois.
After years of hard work, challenges, and setbacks, advocates across the country celebrated the creation of a National Housing Trust Fund in July of 2008. Once capitalized, the NHTF will provide communities with funds to build, preserve, and rehabilitate rental homes that are affordable for extremely and very low income households.
There are several possible means of securing the funding, including these two bills that contains money for the NHTF.
In the House, H.R. 3766, the "Main Street TARP Act", was introduced by Rep. Barney Frank (D-MA). H.R. 3766 funds affordable housing programs, including transferring $1 billion to the NHTF from funds yet to be used by TARP, the Troubled Asset Relief Program—also known as the bank bailout program.
In the Senate, S. 1731, the "Preserving Homes and Communities Act", was introduced by Sen. Jack Reed (D-RI). Illinois Senator Richard Durbin is a co-sponsor of S. 1731.
S. 1731 would transfer $1 billion to the NHTF from income to the federal government generated through TARP.
In addition to providing funds for the NHTF, Senator Reed's bill would require that a homeowner who could benefit from a modification under a federal program be offered the opportunity for such a modification before any foreclosure could be started.
The bill would also authorize grants to enable states to assist homeowners in avoiding default and authorizes the creation of a program to provide grants to enable states to establish mediation programs for homeowners facing foreclosure.
Let your representative know that providing money for the NHTF will create needed jobs. A $1 billion investment in the NHTF at $100,000 per unit of housing will create 15,100 construction jobs and 3,800 jobs in ongoing operations. Also, the NHTF will support local economies, as low income families can afford to spend more money on goods and services when they are not spending half or more of their income on housing.
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Your U.S. Representative
A sample message appears below, which you may edit before sending.
Support $1 Billion for the National Housing Trust Fund
Dear Representative,
I ask you to support legislation providing $1 billion for the National Housing Trust Fund (NHTF) before Congress adjourns later in December. That National Low-Income Housing Coalition estimates that $43 million in NHTF money would go to Illinois.
One means of providing this funding is H.R. 3766, the "Main Street TARP Act", introduced by Rep. Barney Frank (D-MA). H.R. 3766 uses TARP resources to fund affordable housing programs, including transferring $1 billion to the NHTF from funds yet to be tapped in TARP.
Providing money for the NHTF will create needed jobs. A $1 billion investment in the NHTF at $100,000 per unit of housing will create 15,100 construction jobs and 3,800 jobs in ongoing operations. Also, the NHTF will support local economies, as low income families can afford to spend more money on goods and services when they are not spending half or more of their income on housing.
Once capitalized, the NHTF will provide communities with funds to build, preserve, and rehabilitate rental homes that are affordable for extremely and very low income households.
Sincerely, Your name and address here
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