Rules Set for Disbursement of Affordable Housing Funds

By Jann Swanson

Posted To: MND NewsWire

When Federal Housing Finance Agency Director Melvin L. Watts testified before the House Financial Services Committee early this week he said that FHFA had notified Fannie Mae and Freddie Mac that it was reversing suspension of contributions to affordable housing funds which the GSEs were required to make prior to being placed in conservatorship. The suspension was authorized by the Housing and Economic Recovery Act (HERA) in 2008. On Friday the Department of Housing and Urban Development (HUD) clarified how those funds would be used with publication in the Federal Register of an interim program rule for the National Housing Trust Fund (HTF). HTF is a new production program designed to work with other existing programs to increase and preserve the supply of decent, clean and safe affordable…(read more)

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