- Created: Wednesday, 24 February 2016 14:47
$3 million should be Minnesota’s take in the first distribution round from the National Housing Trust Fund (NHTF). This is the estimate released February 22 by National Low Income Housing Coalition based on the coalition’s review of financial reports filed by Fannie Mae and Freddie Mac. Under the NHTF statute these federally controlled mortgage institutions are mandated to annually transfer a portion of their business transaction earnings to HUD’s NHTF.
While the NHTF statute was passed in 2008, any transfer to NHTF had been suspended once the mortgage institutions fell into government receivership during last decade’s financial crisis. In late 2014 Mel Watt, the federal overseer of Fannie Mae and Freddie Mac, approved instatement of the NHTF transfers from the now financially healthy institutions.