Affordable Housing Bill Gathers Momentum

A bill originally introduced in 1987 that would create a trust fund to support the creation of affordable housing may be on its way to congressional approval this fall.

"A housing bill first proposed in 1987 and re-energized this fall that would create a national housing trust fund: a dedicated source of money to build affordable new houses and rehabilitate old ones. Unlike existing housing programs, which are subject to the whims of congressional appropriations, the trust fund would be politically immune. It would be financed, in part, by diverting revenue from Fannie Mae and Freddie Mac, the government-sponsored mortgage giants."

"Supporters of the trust fund say that it is a much-needed wedge against a troubling national motif: the destruction of affordable in-town housing, often at the hands of high-rise condominium and luxury home developers. (Chicago alone lost nearly 100,000 apartment units from 1989 to 2004, while gaining roughly an equal number of condos.) For the first time, the bill passed out of a House committee with significant bipartisan support, and it is expected to be introduced on the House floor this month."

Full Story: A Big Push for Affordable Housing

Comments

Prepare for the AICP Exam

Join the thousands of students who have utilized the Planetizen AICP* Exam Preparation Class to prepare for the American Planning Association's AICP* exam.
Starting at $199
Planetizen Courses image ad

Planetizen Courses

Advance your career with subscription-based online courses tailored to the urban planning professional.
Starting at $14.95 a month
Red necktie with map of Boston

Tie one on to celebrate your city

Choose from over 20 styles of neckties imprinted with detailed city or transit maps.
$44.95
City Plate table setting

New Arrival! City Plates

City downtown cores printed on gorgeous decorative collectible porcelain plates.
$50.00