White House wants $1 billion put in affordable housing fund

A youth walks past a construction site in the quickly developing Seventh Street corridor in WashingtonBy Margaret Chadbourn WASHINGTON (Reuters) – President Barack Obama proposed spending $1 billion next year for the U.S. Department of Housing and Urban Development to fund a federal affordable housing trust fund established by Congress six years ago, according to the 2015 White House budget. The fund was originally mandated to be capitalized by government-run Fannie Mae and Freddie Mac. If given budget authority, it would be the first contribution to the National Housing Trust Fund that was set up in 2008. Over time, the White House predicted the money would provide for 16,000 affordable units using a mix of funding sources, including other public funds, tax credits and private debt.

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