President Obama’s budget provides $1 billion in funding for an Affordable Housing Trust Fund for the first time.
The Housing Trust Fund was originally authorized in the Housing and Economic Recovery Act of 2008, with a dedicated funding stream from assessments on Fannie Mae and Freddie Mac. However, given their financial difficulties, the Federal Housing Finance Agency has indefinitely suspended these assessments. The Budget restores funding for the Housing Trust Fund by requesting $1 billion to finance the development, rehabilitation, and preservation of affordable housing for very low income residents.
