Affordable Housing, Federal News, Homelessness

NHTF Funding Bill Gains Cosponsors

 

Senators Carl Levin (D-MI), Patty Murray (D-WA), and Daniel Akaka (D-HI) are the newest cosponsors of S. 489, "The Preserving Homes and Communities Act of 2011," which would provide $1 billion to the National Housing Trust Fund.

The bill, introduced by Senator Jack Reed (D-RI), would provide $1 billion for the NHTF from the profits made on the sale of "warrants," which were established in the 2008 bill that created the Troubled Asset Relief Program (TARP). These warrants, held by the U.S. Treasury, are the right to purchase one share of stock at a specified price. Treasury has begun to sell these stocks as the economy strengthens, bringing proceeds back to the federal government. So far, the sale of warrants has yielded almost $9 billion.

The number of S. 489 cosponsors is now 14. The NHTF campaign is urging advocates to continue to seek cosponsorship by their Senators, as well as cosponsorship of its companion bill, H.R 1477, in the House.

 
 

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