Urge Senators to Keep GSE Funding for the Housing Trust Fund

URGENT CALL TO ACTION FROM NATIONAL LOW INCOME HOUSING COALITION!
[This is the action we discussed in the Coalition Forum on Thursday!]

Call Now Before Tuesday’s Markup. The fight to protect resources for an affordable housing trust fund will continue next Tuesday, May 20, in the Senate Banking Committee. After yet another delay in the markup of Senator Dodd's major housing bill, we still have time to convince the Committee leadership to abandon their efforts to siphon Fannie Mae and Freddie Mac money from the Housing Trust Fund. Reports indicate that a "deal" between Banking Committee Democrats and Republicans would give away GSE resources for the Housing Trust Fund to pay for the potential costs of the proposed new FHA foreclosure prevention program.

We must stand firm and make our voices heard in order to keep the GSE funds dedicated to the Housing Trust Fund.

ACTION NEEDED NOW:

IF YOUR SENATOR IS ON THE BANKING COMMITTEE
Urge your senator to keep the GSE funding for a Housing Trust Fund as outlined in Reed Amendment #3, and NOT to use it to pay for the new FHA program.

Click here for members of the Senate Banking Committee and their phone numbers.

IF YOUR SENATORS ARE NOT ON THE BANKING COMMITTEE
Urge your senators to contact Banking Chair Dodd and Ranking Member Shelby, asking them to keep the GSE funding for a Housing Trust Fund as outlined in Reed Amendment #3, and NOT divert the funds to the new FHA program.

Click the blue "Take Action" button above for the names and numbers of your senators.
The Senate Banking, Housing, and Urban Affairs Committee will consider Chairman Christopher Dodd's bill, "The Federal Housing Finance Regulatory Reform Act of 2008" this Tuesday, May 20, at 10:00am EDT.

Thank you again for all of your support and dedication during this protracted campaign to establish an affordable housing trust fund.

PS: Please email us at outreach@nlihc.org, or call us at 202.662.1530, to report the results of your calls. Any information we can gather from you could be very valuable as the bill moves forward.

Background:
At a time when the federal government can guarantee a $30 billion bail-out of Bear Sterns and pay for a $25 billion bail-out of the home builders, it is incomprehensible that Congress would take away money intended to help low income people -- all in the name of protecting the taxpayers from the potential $1.7 billion risk in the new FHA program.

On May 13, Senator Jack Reed (D-RI) offered an amendment to the larger Dodd housing bill that was accepted in the manager's package. The "Reed Amendment #3" will: Create a Housing Trust Fund with funding from Fannie Mae and Freddie Mac. Target 75% of the funds to benefit extremely low income people. Enable the Housing Trust Fund to accept other funds that Congress designates in the future. The Reed Housing Trust Fund amendment will make it possible to achieve the major objectives of the National Housing Trust Fund Campaign in the context of this major housing bill.

The Senate Banking Committee began considering the bill on May 15 and should finish marking up the bill on May 20. The time to act is now.