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Mayor Rybak Endorses National Affordable Housing Trust Fund
Federal Legislation Would Fund 1.5 million Affordable Homes in 10 Years
June 28, 2007 (MINNEAPOLIS) -- Minneapolis Mayor R.T. Rybak today joined national housing leaders to support the “National Affordable Housing Trust Fund Act of 2007,” bipartisan legislation to create a National Affordable Housing Trust Fund.
U.S. Representative Barney Frank (D-MA), Chairman of the House Financial Services Committee, introduced a bill today with strong bipartisan support to establish a National Housing Trust Fund to address the unmet housing needs of millions of households across the country.
The National Affordable Housing Trust Fund Act of 2007, was introduced on Capitol Hill today by Representative Frank with Representative Maxine Waters (D-CA), Chairman of the Subcommittee on Housing and Community Opportunity, and Representative Jim Ramstad (R-MN), along with other members of Congress.
The National Affordable Housing Trust Fund Act of 2007 will establish a National Housing Trust Fund, a dedicated source of funding for the production, preservation and rehabilitation of 1.5 million affordable homes in 10 years. At least 75% of the funds will be for housing for households that are extremely low income, earning less than 30% of an area’s median income.
“As we have done in Minneapolis, it is essential that this country provide housing options for all of our residents across the economic spectrum,” Mayor Rybak said. “The best way to meet this need is with dedicated, consistent funding and a commitment of leadership from the federal government. This bill provides both overdue funding as well as overdue leadership.”
“The introduction of the National Affordable Housing Trust Fund Act of 2007 is a signal of hope for the millions of families of low wage earners and elderly or disabled people on fixed incomes who cannot afford even the most modest rental homes,” Sheila Crowley, President of the National Low Income Housing Coalition, said. “With this bill, new resources will be dedicated to expand the supply of rental homes that the lowest income people can afford.”
Mayor Rybak led the creation of a Minneapolis Affordable Housing Trust Fund similar to the one being proposed in Congress. Since it was created in 2003, the Minneapolis Affordable Housing Trust Fund has dedicated nearly $38 million to building and preserving 3,156 of units of affordable housing in Minneapolis. Approximately $9 million more is available in 2007 alone through the Minneapolis Affordable Housing Trust Fund for affordable and mixed-income rental housing, housing production and preservation. For information about the Minneapolis Affordable Housing Trust Fund, visit www.ci.minneapolis.mn.us/cped/ahtf_rfp_home.asp.
In addition to Minneapolis, housing trust funds have been established by more than 600 state and local governments and have proven to be a successful approach to funding affordable housing.
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