October, 29 2009, 01:42pm EDT
NHTF Campaign Applauds White House Announcement Promising $1 billion to Capitalize Trust Fund
WASHINGTON
The National Housing Trust Fund Campaign welcomes the announcement from the White House today that the promise of $1 billion to capitalize the National Housing Trust Fund is closer to becoming reality. The campaign will work with the Administration and Congress to move the necessary legislation as quickly as possible.
"President Obama pledged funding for the National Housing Trust Fund in his campaign and has promised to fulfill that pledge. The National Housing Trust Fund is deeply grateful for the President's commitment," said National Low Income Housing Coalition President Sheila Crowley. "These dollars will improve the housing circumstances of several thousand extremely low income families, and put people back to work in the hard hit residential construction industry."
Once funded, the National Housing Trust Fund will support the production, preservation, and operation of rental homes for the lowest income people in the U.S. The campaign estimates that $1 billion will support 10,000 new homes. The program will be administered by HUD, which will distribute grants to states under a formula based on the shortage of affordable rental housing for the very lowest income people, including people who are elderly or disabled and people who are homeless, in each state. States will in turn seek applications from local housing providers who will build and operate the new homes. The National Housing Trust Fund was created as part of the Housing and Economic Recovery Act of 2008.
The National Low Income Housing Coalition is dedicated solely to ending America's affordable housing crisis. Established in 1974 by Cushing N. Dolbeare, NLIHC educates, organizes and advocates to ensure decent, affordable housing within healthy neighborhoods for everyone. NLIHC provides up-to-date information, formulates policy and educates the public on housing needs and the strategies for solutions.
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