* WARNING: THIS IS AN UNOFFICIAL, INTRODUCTORY COPY OF THE BILL.
THE OFFICIAL COPY CONSIDERED BY THE CITY COUNCIL IS THE FIRST READER COPY.
INTRODUCTORY*
CITY OF BALTIMORE
COUNCIL BILL R
(Resolution)
Introduced by: Councilmember Kraft
A RESOLUTION ENTITLED
A COUNCIL RESOLUTION concerning
Title
In Support of Federal Legislation - H.R. 2895 - The National Affordable Housing Trust Fund
FOR the purpose of expressing support for this legislation that seeks to establish the National Affordable Housing Trust Fund in the Treasury of the United States to provide for the construction, rehabilitation, and preservation of decent, safe, and affordable housing for low-income families, and urging the Congressional Delegation to secure enactment of the provisions of the National Affordable Housing Trust Fund.
Body
Recitals
Affordable housing is at the core of strong communities. It promotes neighborhood stability, improves educational opportunity, employment stability, and helps owners to build wealth. The U.S. Conference of Mayors 2006 Hunger and Homelessness Survey found that the primary cause of homelessness is the lack of affordable housing. In addition, a 2006 National Low Income Coalition Study found that there are roughly 9 million renter households nationwide who pay half or more of their income for housing.
In Baltimore, 49% of the City's extremely poor renter households, or those with incomes under 30% of the median, pay more than half of their incomes on rent. There is a deficit of available units that are affordable for purchase to Baltimore's extremely poor renter households. Safe, decent, and affordable housing is at the foundation of strong families and communities. Unfortunately, unmet housing needs have reached an all-time high, not only in our nation, but in our local communities as well.
Working citizens in our City are having a difficult time finding affordable housing, and since 1976, new federal spending on housing has decreased substantially. Housing represents 23% of the United States' gross domestic product, acts as an economic stimulus and helps create jobs. Without affordable housing funds, many Baltimore citizens will be unable to afford appropriate housing in the coming years.
Affordable housing must be treated as a local and national priority. Nearly 600 state and local housing trust funds have been created, which serve as models for what can and should be done at the national level. A national trust fund should be established to construct, rehabilitate and preserve housing around our nation. For three decades the housing trust fund movement has continued to grow, and now, local housing trusts generate 1.6 billion dollars a year. Local governments have played a significant role in the development of affordable housing, and it is this role that is recognized and supported by the proposed National Housing Trust Fund.
Federal legislation recently passed in the U.S. House of Representatives' Financial Services Committee authorizes the creation of an Affordable Housing Fund based on the revenues of the government-sponsored enterprises Fannie Mae and Freddie Mac, and, provided that the proposed legislation ultimately becomes law, it is anticipated that the Affordable Housing Fund will become part of the National Housing Trust Fund, providing for even more funding capacity for the production and preservation of housing.
It is now more important that ever that we support the passage of this necessary legislation. With more federal funding put toward affordable housing, the citizens of Baltimore City will have more opportunity to purchase homes, make our communities stronger, and provide many who may have never dreamed of owning their own home the opportunity to do so.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF BALTIMORE, That this Body expresses support for this legislation that seeks to establish the National Affordable Housing Trust Fund in the Treasury of the United States to provide for the construction, rehabilitation, and preservation of decent, safe, and affordable housing for low-income families, and urges the Congressional Delegation to secure enactment of the provisions of the National Affordable Housing Trust Fund.
AND BE IT FURTHER RESOLVED, That a copy of this Resolution be sent to the Mayor, the Honorable Members of the Congressional Delegation, the Executive Director of the Mayor's Office of State Relations, and the Mayor's Legislative Liaison to the City Council.
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