WASHINGTON, D.C. – December 12, 2014 – (RealEstateRama) — Congressman Raúl Grijalva (D-AZ) released the following statement today after an announcement by the Federal Housing Finance Agency (FHFA) that it will remove the funding suspension to the Housing Trust Fund and the Capital Magnet Fund, which will allow dedicated funds to return to the programs.
“By funding the Housing Trust Fund and the Capital Magnet Fund, the FHFA is helping to place roofs over the heads of our society’s most vulnerable members,” said Rep. Grijalva. “Construction and preservation of affordable housing will help stabilize communities across Arizona and the country that are still struggling to recover from a devastating mortgage crisis.”
A 2013 report found that there are only 18 rental homes affordable and available for every 100 extremely low-income renters in Arizona.
Today’s announcement comes after Rep. Grijalva was joined by 77 of his Democratic colleagues in Congress in sending a letter to Federal Housing Finance Agency Director Mel Watt on July 21, urging him to reverse a determination made in November 2008 to suspend contributions to the Housing Trust Fund and the Capital Magnet Fund. Members of the Congressional Progressive Caucus, which Rep. Grijalva co-chairs, also urged Director Watt to re-fund the programs in a meeting earlier this year.
“I thank Director Watt for his consideration and attention to this vital issue,” Grijalva continued. “Low income and minority communities have been disproportionately impacted by the mortgage crisis, this will be a huge step in helping many in my district rebuild their lives.”