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BILL TO CAPITALIZE NATIONAL HOUSING TRUST FUND INTRODUCED

Tuesday, March 8, 2011 - 1:45AM

Sen. Jack Reed, D-R.I., introduced legislation last week that would contribute $1 billion to the National Housing Trust Fund for the creation, preservation and rehabilitation of affordable housing. S. 489, the Preserving Homes and Communities Act of 2011, would provide the funds through proceeds from the sale of warrants provided to the Treasury by banks in exchange for receiving Troubled Asset Relief Program funds. Sen. Reed says the bill would also protect consumers by increasing the transparency of the foreclosure process. S. 489 is based on similar legislation introduced in 2009 and was referred to the Committee on Banking, Housing and Urban Affairs.

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