New Beatty Bill Doubles Affordable Housing Federal Funding
WASHINGTON, D.C.— U.S. Congresswoman Joyce Beatty (OH-03) recently introduced the Generating Resources and Opportunities Within (GROW) Affordable Housing Act, H.R. 5223. If enacted into law, H.R. 5223 would more than double the funding streams for two affordable housing programs: the Housing Trust Fund (HTF) and the Capital Magnet Fund (CMF).
“Affordable housing is a critical issue for the people of Ohio’s Third Congressional District and hardworking families in every congressional district across the country,” Beatty said. “I hear from my constituents every day about their concerns with the rising price of rent, 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 with government officials and community leaders to provide more opportunities for more Central Ohioans to live their American Dream.”
Last year alone, Fannie Mae and Freddie Mac allocated nearly $400 million to HTS and CMF, which will result in the building of tens of thousands of new affordable housing units throughout the country. Under the GROW Affordable Housing Act, it is estimated that federal funding would have been $1 billion and generated nearly a hundred thousand new affordable housing units.
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 health care clinics.
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