Affordable Housing Bill Gathers Momentum

"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."