releases: https://lee.house.gov/news/press-releases/congresswoman-barbara-lee-introduces-legislation-for-a-national-affordable-housing-trust-fund
Data license: MIT · Data source: dwillis/congress-press
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| https://lee.house.gov/news/press-releases/congresswoman-barbara-lee-introduces-legislation-for-a-national-affordable-housing-trust-fund | CONGRESSWOMAN BARBARA LEE INTRODUCES LEGISLATION FOR A NATIONAL AFFORDABLE HOUSING TRUST FUND | 2001-06-27 | 2001 | 2001-06 | Democrat | House | CA | Barbara Lee | L000551 | lee.house.gov | legacy | 06.27.01 CONGRESSWOMAN BARBARA LEE INTRODUCES LEGISLATION FOR A NATIONAL AFFORDABLE HOUSING TRUST FUND Washington, DC - Congresswoman Barbara Lee today introduced the National Affordable Trust Fund Act of 2001, tri-partisan legislation that would use a portion of profit surpluses generated from the Federal Housing Administration (FHA) Mortgage Insurance Program to create a trust fund to provide for the construction of affordable rental units and homes for low- and middle-income Americans. According to the Department of Housing and Urban Development (HUD), over 5 million people are paying more than half of their limited incomes on housing or living in severely substandard housing. In Oakland, only 45.8% of homes are affordable to those making median incomes, earning the area a rank of 178th out of 193 metro areas surveyed the National Association of Home Builders. "This affordable housing crisis is real for the people in the Bay Area and throughout the country," said Lee. There is more than $2 billion in FHA and Ginnie Mae accounts that could be dedicated to addressing this issue, without jeopardizing these programs." The trust fund will use $2 billion in surplus Federal Housing Administration funds, which are now lying dormant, to create a trust fund from which states and non-profits could draw to build affordable housing rental units, to construct affordable homes for low- and middle-income individuals, and provide rental subsidies to low-income individuals. This is a small portion of the more than $26 billion profit expected to be generated by the FHA over the next seven years. "The rental vacancy rate for Oakland is 4.6%, well below the U.S. average of 8.1%, and there are 3,000 families on waiting lists for section 8 vouchers," said Lee. "Unfortunately, in most areas in the region, the existing Section 8 subsidies no longer provide a viable affordable housing option." "These facts are sobering and even sad, but they are a reality for most Californians, and for many people across the country," concluded Lee. "We need new and innovative ways to solve this severe lack of affordable housing, and the creation of the National Housing Trust Fund will provide enormous resources to combat our housing crisis, without harming any of our existing programs." The tri-partisan National Housing Trust Fund Act is co-sponsored by Bernie Sanders (I-VT) and John McHugh (R-NY). It is supported by the National Low Income Housing Coalition (NLIHC), the National Coalition for the Homeless (NCH), the Macauley Institute, the Association of Community Organizations for Reform Now (ACORN) and other national housing organizations. ### Next Article | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |