Target: Edward DeMarco, Acting Director of the Federal Housing Finance Agency (FHFA)
Goal: Restore the National Housing Trust Fund to provide down payments for low-income renters
Prior to the collapse of the housing market in 2008, President George W. Bush enacted the National Housing Trust Fund, which was supposed to provide renters with down payments on affordable apartments. This fund was meant to operate on the profits from Fannie Mae and Freddie Mac, but until now the companies have paid nothing toward this fund even though they are reporting robust profits. Demand that Fannie Mae and Freddie Mac fulfill their obligations to the millions of Americans whose taxpayer dollars bailed them out.
Once the housing bubble popped in 2008, the Federal Housing Finance Agency decided to delay funding the trust. Fast forward five years, and it would appear that the agency has forgotten or would like to forget the existence of such a trust altogether. Edward DeMarco, acting director of the Federal Housing Finance Agency, has made no response when contacted, whether it be by housing advocacy groups or the House Financial Services Committee. The National Low Income Housing Coalition, a leading advocacy group for the fulfillment of the National Housing Trust Fund, has recently filed a lawsuit against the Federal Housing Finance Agency for failing to implement the fund.
With a net income profit of $50 billion, Fannie Mae and Freddie Mac can undoubtedly afford to execute their duties to low-income renters who have been hit hard by the downfall of the housing market. Please sign this petition and call for the long overdue endowment of the National Housing Trust Fund.
Dear Acting Director of the Federal Housing Finance Agency Edward DeMarco,
Before the breakdown of the housing market in 2008, President George W. Bush signed into law the establishment of the National Housing Trust Fund, a rare triumph of bipartisanship to provide millions of eligible families with down payments for affordable apartments for rent. The fund had to be suspended in the wake of the housing crisis, but now that Fannie Mae and Freddie Mac have recovered as evinced by their $50 billion net income profit, the Federal housing Finance Agency should use its authority to finally begin allocating funds from Fannie and Freddie to the National Housing Trust Fund.
Low-income renters have a bleak future ahead of them since the national rental average is expected to increase 4.6 percent in 2013, and continue to do so by the same rate in 2014 and 2015, according to the estimates made by the National Association of Realtors. The National Housing Trust Fund would benefit the most financially vulnerable of Americans by providing them with more housing options, and not only that but more rental units will also also help keep rates low for all renters.
Fannie Mae and Freddie Mac are no longer struggling, so why should low-income renters continue to do so? It’s time for Fannie Mae and Freddie Mac to pay Americans back.
[Your Name Here]
Photo Credit: Dipankan001 via Wikimedia Commons