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
“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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