Affordable Housing Trust Fund Act of 2007

atraub — Wed, 12 Dec 2007 14:47:29 -0500

Legislation

The middle class

Supports

Video Summary

Injustice Facts

Average percentage of affordable and available homes for rent for every 100 extremely low-income households, nationally: 38

Proportion of households spending more than 50% of their income on housing, according to a Harvard study: 1 in 7

Increase in the number of such “cost-burdened” households from 2001-2005: 3.2 million

Number of states where more than a quarter of all low-income households are paying more than half of their income on housing: 50

Number of states that have established affordable housing trust funds but have not dedicated funds to them: 6

Overview/Summary

Middle Class Position Analysis

The Middle Class Supports. For low-income workers striving to work their way up to a middle-class standard of living, the soaring cost of housing – for renters as well as owners – is a daunting obstacle. More than one out of every seven American households spends more than half their income just to keep a roof over their heads. What’s more, the lack of affordable housing extends not only to traditionally high-cost areas on the East and West coasts, but into the metro areas of cities like Indianapolis and Denver as well. In this case, the market has simply failed to meet a critical human need. This legislation provides a streamlined means for the public to fund low-income housing that will not be created by any other means. Channeling funds through states and localities provides the flexibility to meet local needs, while the strong federal criteria for the types of projects that are eligible ensures that the trust will benefit those who need it most. The establishment of a National Affordable Housing Trust fund to build, repair, and maintain housing will help more than a million American families find safe, stable homes – a prerequisite for working towards the middle class.

Quotes from Experts

Beyond this Bill

Additional Resources

The National Low-Income Housing Coalition on the National Housing Trust Fund

“The State of the Nation’s Housing 2007” from the Joint Center for Housing Studies of Harvard University

“The Housing Landscape for America’s Working Families, 2007” from the Center for Housing Policy

American Dream Downpayment Act of 2003

atraub — Tue, 25 Sep 2007 15:38:52 -0400

Legislation

The middle class

Supports

Video Summary

Injustice Facts

Number of renters who considered “coming up with enough money to make a down payment the biggest hurdle to becoming a homeowner,” according to a 2003 Mortgage Insurance Companies of America (MICA) survey: 1 in 2
Number of “low income” American families that own their own home: 1 in 2
Number of “low income” American families that could receive down payment assistance this year as a result of the American Dream Downpayment Act of 2003: 40,000
Number of American families in the process of home foreclosure in 2003: 640,000

Overview/Summary

Middle Class Position Analysis

The Middle Class Supports: Homeownership is one of the leading indicators of economic stability. However, for millions of American families, the high cost of buying a home is still out of reach for many. While homeownership was at a 30-year high in 2003, for many working Americans, particularly in communities of color, homeownership trailed the national average. This legislation will help millions of Americans clear the first hurdle to homeownership by directing $200 million per year to at least 40,000 low-income families in predominantly minority communities to help them afford a down payment or closing costs associated with buying a home, and launch them on a path to entering the middle class.

Downpayment assistance

Affordable Housing Trust Fund Act of 2007

Legislation

The middle class

Video Summary

Injustice Facts

Overview/Summary

Middle Class Position Analysis

Related Blog: Header

Quotes from Experts

Related Blog: Text

Beyond this Bill

Related Blog: Link

Additional Resources

American Dream Downpayment Act of 2003

Legislation

The middle class

Video Summary

Injustice Facts

Overview/Summary

Middle Class Position Analysis

Related Blog: Header

Quotes from Experts

Related Blog: Text

Beyond this Bill

Related Blog: Link

Additional Resources