Senators Urge FHFA to Fund Affordable Housing

Monday, January 27, 2014 - 8:00am

A group of 33 senators last week sent a letter to Mel Watt, director of the Federal Housing Finance Agency (FHFA), urging him to lift the suspension of contributions to the National Housing Trust Fund (NHTF) and the Capital Magnet Fund (CMF). Initiated by Sens. Jack Reed, D-R.I.; Barbara Boxer, D-Calif.; Elizabeth Warren, D-Mass.; and Bernie Sanders, I-Vt., the letter argued that funding the NHTF and CMF would help alleviate the national affordable rental housing shortage. Contributions to the NHTF and CMF have been suspended since 2008, when Fannie Mae and Freddie Mac, the intended funding sources, were placed into conservatorship.