The National Housing Trust Fund finally gets its dues - Minnesota could receive $5 million each year
- Created: Thursday, 11 December 2014 12:58
- Written by Libby Murphy
On December 11, the Federal Housing Finance Administration (FHFA) announced that it will direct Fannie Mae and Freddie Mac to make annual payments into the National Housing Trust Fund (NHTF) and the Capital Magnet Fund (CMF). FHFA Director Mel Watt sent letters notifying both entities of his agency’s decision to lift the temporary suspension of mandatory payments to the funds. This should eventually result in Minnesota receive $5 million annually for affordable housing.
"We celebrate the culmination of years of work by people across Minnesota and the entire nation in advocating for the working people, children, and grandparents who need safe housing they can afford," Chip Halbach, Executive director of MHP, said. The NHTF is important now as federal housing budgets continue to shrink. This month, Congress will likely pass a budget that further cuts other housing program budgets. Many are at risk of homelessness as a result.
The NHTF and CMF are meant to address the housing needs of lowest-income families.