New Jersey-2014-ACR160-Introduced

A Concurrent Resolution memorializing Congress to take action to fund the National Housing Trust Fund.

Whereas, The National Housing Trust Fund (NHTF) was established in 2008 as a new affordable housing production program to supplement existing efforts to supply affordable housing to extremely low, and very low-income households; and

Whereas, Its creation, through the Housing and Economic Recovery Act of 2008, represents the first new federal housing production program since 1990, and the first to specifically target extremely low-income households since the Section 8 program was created in 1974; and

Whereas, The NHTF is meant to provide communities with funding to build, preserve, and rehabilitate rental homes that are affordable to families with income under 30 percent of area median income; and

Whereas, The NHTF is meant to be funded through dedicated sources of revenue, with initial contributions from Fannie Mae and Freddie Mac; and

Whereas, Due to financial challenges associated with the foreclosure crisis, Fannie Mae and Freddie Mac did not make these initial contributions, and now, nearly six years later, still have not contributed to the fund; and

Whereas, Although the recent recession has posed difficulties for many Americans, the challenges to low-income renters in New Jersey and other states have been especially dire; and

Whereas, A recent study by the Joint Center for Housing Studies at Harvard found that, from 2000 to 2012, median gross rents have increased by 6 percent, while the median income of the American renter has declined by 13 percent; and

Whereas, If provided funding, the NHTF could offer desperately-needed housing assistance, benefiting many families in New Jersey and throughout the country; now, therefore,

Be It Resolved by the General Assembly of the State of New Jersey (the Senate concurring):

1. The New Jersey Legislature memorializes Congress to act to ensure the funding of the National Housing Trust Fund, either through the enactment of new legislation to ensure such funding, or through placing pressure on Fannie Mae and Freddie Mac to contribute to the fund, as is already intended.

2. Copies of this resolution, as filed with the Secretary of State, shall be transmitted by the Clerk of the General Assembly or the Secretary of the Senate to the Majority and Minority Leaders of the United States Senate, the Speaker and Minority Leader of the United States House of Representatives, and to every member of Congress elected from this State.

STATEMENT

This concurrent resolution memorializes Congress to act to ensure the funding of the National Housing Trust Fund, either through the enactment of new legislation, or through pressuring Fannie Mae and Freddie Mac to contribute to the fund, as these institutions are already meant to do.

Although the recent recession has posed difficulties for many Americans, the challenges to low-income renters in New Jersey and other states have been especially serious. Rental costs for these families have increased in recent years, while median incomes have decreased. If provided funding, the National Housing Trust Fund (NHTF) could offer desperately-needed housing assistance to the benefit of many families, particularly those who rent their homes in New Jersey and throughout the country.

The NHTF was established in 2008 as a new affordable housing production program to supplement existing efforts to supply affordable housing to extremely low, and very low-income households. The NHTF is meant to provide communities with funding to build, preserve and rehabilitate rental homes that are affordable to families with income under 30 percent of area median income. The program is meant to be funded through dedicated sources of revenue, initially from Fannie Mae and Freddie Mac. Due the foreclosure crisis and associated financial challenges, Fannie Mae and Freddie Mac did not make these initial contributions, and now, nearly six years later, still have not contributed to the fund. Because of the great importance of this funding, it is necessary, through this concurrent resolution, to urge Congress to act to address this funding dilemma.