Velazquez Gillibrand, and 27 Bicameral Members of Congress Call on Biden Administration to Reestablish Obama-Era Affordable Housing Program
Washington, DC –Rep. Nydia M. Velázquez (D-NY), Senator Kirsten Gillibrand (D-NY), and 27 additional bicameral Members of Congress have sent a letter to Treasury Secretary Janet Yellen and Housing and Urban Development (HUD) Secretary Marcia Fudge to urge the reestablishment of Federal Financing Bank (FFB) funding for HUD-insured multifamily risk sharing mortgages. The program was a successful partnership between the Treasury Department, HUD, and state and local Housing Finance Agencies (HFAs) around the country. It was created under the Obama Administration, and had a record of success in spurring and promoting affordable housing opportunities throughout the country. However, the Trump Administration allowed the program to expire in 2018.
"Restarting this highly efficient and effective program now would help create and preserve affordable housing at a time when the need has never been greater, while also helping to fuel economic activity and job creation in communities around the country," wrote the lawmakers. "It is urgent that you act now so that HFAs and borrowers can take advantage of historically low interest rates and thereby maximize affordability."
The full letter and list of signatories can be found here.