releases: http://maloney.house.gov//media-center/press-releases/maloney-applauds-fhfa-for-finally-funding-federal-housing-trust-fund
Data license: MIT · Data source: dwillis/congress-press
This data as json
| url | title | date | year | month | party | chamber | state | member_name | bioguide_id | domain | scraper | source | date_source | text | has_text | collected_at | updated_at |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| http://maloney.house.gov//media-center/press-releases/maloney-applauds-fhfa-for-finally-funding-federal-housing-trust-fund | Maloney applauds FHFA for finally funding Federal Housing Trust Fund | 2014-12-11 | 2014 | 2014-12 | Democrat | House | NY | Carolyn Maloney | M000087 | maloney.house.gov | legacy | WASHINGTON – Congresswoman Carolyn B. Maloney (D-NY) today released the following statement applauding the Federal Housing Finance Agency for directing Fannie Mae and Freddie Mac to allocate funds to the Housing Trust Fund and Capital Magnet Fund pursuant to the Housing and Economic Recovery Act of 2008 (HERA). Maloney repeatedly urged the Federal Housing Finance Agency to comply with the law. The move will provide hundreds of millions of dollars for affordable housing development. “I applaud FHFA Director Mel Watt for his tremendously important decision to fund the National Housing Trust Fund and the Capital Magnet Fund, which will ensure a steady, dedicated source of funding for crucial affordable housing programs. As our country has climbed out of the Great Recession, finding affordable housing remains a huge problem for families, young adults, and seniors across the country and especially in New York City. Thanks to this action, millions of sorely needed dollars will now be available to tackle this pressing national problem.” Background: On July 21, 2014, Reps. Carolyn B. Maloney (D-NY), Keith Ellison (D-MN) and Raul Grijalva (D-AZ) wrote to FHFA Director Mel Watt urging him to fund the Housing Trust Fund and Capital Magnet Fund. The Housing and Economic Recovery Act of 2008 (HERA) requires Fannie Mae and Freddie Mac (the GSEs) to set aside 4.2 basis points for each dollar of the unpaid principal balance of its total new business purchases to fund the Housing Trust Fund and Capital Magnet Fund. The requirement provided a dedicated source of revenue for the construction and preservation of affordable housing for extremely low income families. HERA also gave the Director of the FHFA the authority to temporarily suspend these contributions in certain circumstances. On November 13, 2008, then-Director of the FHFA James B. Lockhart III directed the GSEs to suspend the contributions to the Housing Trust Fund and Capital Magnet Fund, citing the financial instability at the GSEs during the fall of 2008. The GSEs have repaid all of the investment provided to them during the Great Recession. The Federal Housing Finance Agency (FHFA) today directed Fannie Mae and Freddie Mac to begin setting aside and allocating funds to the Housing Trust Fund and the Capital Magnet Fund pursuant to the Housing and Economic Recovery Act of 2008 (HERA). More from FHFA: https://www.fhfa.gov/Media/PublicAffairs/Pages/FHFA-Statement-on-the-Housing-Trust-Fund-and-Capital-Magnet-Fund.aspx | 1 | 2026-03-30T12:14:52Z | 2026-03-30T12:14:52Z |