Beatty Bill Builds Back Better by Investing in Affordable Housing
WASHINGTON, D.C.—The House Financial Services Committee held a hearing today, entitled “Build Back Better: Investing in Equitable and Affordable Housing Infrastructure,” to discuss the importance of federal funding for affordable housing in the American Jobs Plan, a once-in-a-century infrastructure and transportation investment package. During the hearing, Beatty’s Generating Resources and Opportunities Within (GROW) Affordable Housing Act was among several legislative proposals examined by Committee members.
“Affordable housing is a critical issue for hardworking families in every congressional district across the country,” Beatty said. “I have heard from my constituents every day—before and during the pandemic—about their concerns with the rising price of rent and costs of owning a home, not to mention the lack of affordable housing units.” She continued, “That is why I am focused on making federal funding for affordable housing a congressional priority and will continue working to provide greater opportunities for all Central Ohioans to build back better and live their American Dream.”
If enacted, the GROW Affordable Housing Act would multiply existing funding for the National Housing Trust Fund (HTF) and Capital Magnet Fund (CMF) by fivefold. Created in 2008, HTF is the first new federal housing resource since 1974. HTF funds are used to help build, preserve, rehabilitate, and operate housing affordable to low-income individuals. By law, at least 75 percent of HTF dollars used to support rental housing must serve extremely low income (ELI) households earning no more than 30 percent of the Area Median Income (AMI) or the federal poverty limit. The CMF supports financing for the preservation, rehabilitation, development, or purchase of affordable housing for low-income communities, as well as related economic development and community service facilities such as day care centers, workforce development centers, and healthcare clinics.
Of note, Fannie Mae and Freddie Mac last year allocated nearly $1 billion to HTF and CMF. Under the GROW Affordable Housing Act, it is estimated that federal funding would have been $5 billion.
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