Jon L. Christensen: “I rise in support of H.R. 2895, the National Affordable Housing Trust Fund Act of 2007 because it is just what our…”

“I rise in support of H.R. 2895, the National Affordable Housing Trust Fund Act of 2007 because it is just what our country needs to strengthen the housing market, stabilize the economy, expand affordable housing and mortgage opportunities for families at risk of foreclosure and strengthen consumer protections against risky loans in the future. This bill takes an important step forward in addressing the subprime mortgage crisis, and it also makes way for the construction of more affordable housing and strengthens FHA's efforts to expand homeownership. The National Affordable Housing Trust Fund Act will build or preserve 1.5 million homes or apartments over the next 10 years without increasing Government spending or the Federal deficit. It will initially allocate $800 million and $1 billion annually directly to States and local communities. It targets funds for the construction of affordable housing and more for lower income families facing the greatest housing affordability challenges. I am particularly pleased that 40 percent of the funding will go to States, Indian tribes and insular areas, with special requirements for funding in rural areas, many of which face particular challenges. I urge my colleagues to support this important measure which ensures that the American dream of owning a home can become a reality for yet another generation of Americans.”