QUESTION:

H.R.2895 National Affordable Housing Trust Fund Act of 2007

H.R. 2895 would establish a National Affordable Housing Trust Fund for the Department of Housing and Urban Development (HUD) to provide assistance to State and Local Governments and Indian Tribes.

Such assistance would include Grants, Loans, and Interest Rate Buy-Downs that would be used to construct, rehabilitate, and preserve affordable housing for Low-Income Families.

This bill would also prohibit the Federal Housing Administration (FHA) from Increasing Fees for certain Loan Guarantees.

Funding for the Trust Fund proposed by H.R.2895 would consist of:

(1) Any amounts transferred from the Federal National Mortgage Association (Fannie Mae) under Title XIII of the Housing and Community Development Act (as that title may be amended by H.R.1427, the Federal Housing Finance Reform Act of 2007),

(2) Any amounts appropriated to an affordable trust fund under the Expanding Home Ownership Act of 2007 (H.R.1852), and

(3) Any amounts that may be appropriate, transferred, or credited to the trust fund under other provisions of law.

NOTE: You may want to Google this Act and send an inquiry to HUD about it and how that may affect Senior Citizens.
asked by grandpa24551, 9/16/2007
Categories: Housing
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