Obama Administration Proposes $1 Billion for Affordable Housing Fund

Margaret Chadbourn reports for Reuters that the Obama Administration’s recent budget proposal included $1 billion in funding through the U.S. Department of Housing and Urban Development for the National Housing Trust Fund. Under the 2008 legislation creating the fund, Fannie Mae and Freddie Mac were to capitalize the any investments through the Trust Fund, but the federal Housing Financing Agency had so far blocked any funding.

The White House estimated that the $1 billion would be enough to create 16,000 affordable units, after a state-level grant process.