(as reported by the National Low Income Housing Coalition in Memo to Members)
Senator Specter Calls for Hearing on the National Housing Trust Fund
In a letter dated March 4, Senator Arlen Specter (R-PA) asked Senators Christopher Dodd (D-CT) and Richard Shelby (R-AL), Chair and Ranking Member, respectively, of the Senate Committee on Banking, Housing and Urban Affairs, to hold a hearing on S. 2523, the National Affordable Housing Trust Fund Act of 2007 (NAHFT).
S. 2523 was introduced late last year by Senators John Kerry (D-MA) and Olympia Snowe (R-ME) on December 19, 2007 (see Memo, 12/21/07). In his letter, Senator Specter noted that his office had been contacted by a significant number of constituents representing 164 Pennsylvania organizations asking him to support S. 2523. Senator Specter referenced his constituents' concerns about the lack of housing affordable to those at or below 30% of area median income and the NAHFT's ability to address this need through the production and rehabilitation of affordable housing.
Senator Specter also expressed concern about the budgetary impact of using Federal Housing Administration (FHA) funds for the NAHFT, and he asked the committee to hold a hearing on S. 2523 to give the Senate an opportunity for further evaluation of the proposal.
House Committee on Financial Services Chair Barney Frank (D-MA) has announced he agreed to drop the provision H.R. 1852, the bill to modernize the FHA, that reserves, in 2008, any increased FHA revenues as a dedicated source of funding for the NAHTF (see Memo, 2/29). This announcement may make it easier to gain support for this legislation as it moves through the Senate by addressing the concern raised by Senator Specter.
A copy of Senator Specter's letter can be found at www.nlihc.org/doc/Spector-NHTF-Letter.pdf
