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April 17, 2017, 07:41:44 AM

Brown Announces More Than $3.7 Million to Create and Preserve Affordable Housing in Ohio

May 5, 2016 - 12:08 PM

WASHINGTON, D.C. – Yesterday, U.S. Sen. Brown (D-OH) – ranking member of the US Senate Committee on Banking, Housing, and Urban Affairs – announced that Ohio will receive $3,740,578 from the U.S. Department of Housing and Urban Development (HUD) to create and preserve affordable housing. The funds were awarded through the newly operating National Housing Trust Fund, which aims to create and preserve safe affordable housing for low-income households and families experiencing homelessness.

 “People can’t find work, contribute to their communities or make life better for their families if they are worried about where they are going to sleep at night. Investing in safe, affordable housing, means workers can live in the communities they serve, seniors can remain in their communities, and children have a stable place to learn and grow,” Brown said.

Ohio’s affordable housing providers can use this funding for the following activities: property acquisition, site improvements and development hard costs, demolition, relocation assistance, financing costs, operating cost assistance for rental housing, and reasonable administrative and planning costs. The National Housing Trust Fund, created in the Housing and Economic Recovery Act of 2008, is funded by contributions from Government Sponsored Enterprises (GSEs) Fannie Mae and Freddie Mac. After its creation, the Fund was not consistently funded as intended but, in December 2014, following requests from Brown, the Federal Housing Finance Agency (FHFA) directed Fannie Mae and Freddie Mac to begin regular contributions.

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