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RISMEDIA, July 2, 2007–Creating an Affordable Housing Trust Fund is an essential component of a housing policy designed to meet the needs of American families seeking to buy or rent a home.

Legislation introduced this week on Capitol Hill will help address the growing crisis in housing affordability by providing additional resources for the building, rehabilitation and preservation of affordable homes and rental units, according to the National Association of Realtors(R).

NAR, in a letter to Congressman Barney Frank (D- Mass.), chairman of the House Financial Services Committee, maintained that “homeownership serves as a cornerstone of our democratic system of government and continues to be a strong personal and social priority for most Americans,” said Pat V. Combs, NAR president. Realtors recognize that accessibility to safe, decent and affordable housing at all levels — rental or ownership
— must be one of our nation’s highest priorities.

“NAR strongly supports the goal of the National Housing Trust Fund and we thank Chairman Frank for his unyielding commitment and for introducing legislation to create an affordable housing fund,” Combs said.

The bill would make funds available for rental housing and down payment and closing cost assistance for first-time home buyers.

“Sadly, the stock of affordable rental units is rapidly declining and the difficulty of finding affordable homes to buy is increasing. This fund can have an immediate
impact for many families,” Combs said.

NAR pledged its support and desire to work closely with Frank and the Committee on this important national issue.

For more information, visit http://www.realtor.org.

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