WASHINGTON – (RealEstateRama) — The National Housing Conference strongly supports the U.S. Senate’s rejection of a procedural vote to consider President Donald Trump’s $15 billion budget rescission package by a vote of 48-50. “The Senate vote was an important stand against a deeply flawed budget policy that would harm affordable housing efforts at a time when they are needed most,” said David M. Dworkin, president and CEO of the National Housing Conference.
NHC and 68 of its partners wrote to the bipartisan leadership of the House and Senate on May 21 urging them to vote “No” on any bill that includes rescissions to HUD’s Public Housing Capital Fund, Treasury’s Capital Magnet Fund (CMF) and the USDA’s Rental Assistance program and Rural Community Facilities program. While all of the rescissions to housing and community development programs are harmful, the proposal to rescind funding for CMF is particularly egregious. NHC’s letter stated: “CMF is not paid for by the taxpayer, but by a fee on the new business of Fannie Mae and Freddie Mac. Furthermore, the $151 million proposed for rescission was only made available to the Treasury on May 1, 2018, and will most likely be spent before the end of the calendar year, providing it is not rescinded.”
“I want to thank all of the Senate Democrats and express my special gratitude to Senators Susan Collins (R-Maine) and Richard Burr (R-N.C.) for standing up for sensible budget policy and voting against this deeply flawed legislation,” Dworkin said.
About NHC: The National Housing Conference has been defending the American Home since 1931. Everyone in America should have equal opportunity to live in a quality, affordable home in a thriving community. NHC convenes and collaborates with our diverse membership and the broader housing and community development sectors to advance our policy, research and communications initiatives to effect positive change at the federal, state and local levels. Politically diverse and nonpartisan, NHC is a 501(c)3 nonprofit organization.