Washington D.C., Aug 2, 2008 / 16:12 pm
The United States Conference of Catholic Bishops (USCCB) praised a bi-partisan congressional effort to create a Housing Trust Fund they say will assist the lowest income households in the U.S. by aiding the construction and preservation of affordable rental housing.
The fund was created by a provision in the Housing and Economic Recovery Act of 2008, which was signed into law by President George W. Bush on Wednesday.
A permanent program with a dedicated source of funding, at least 90 percent of the fund must be used for the production, preservation, rehabilitation or operation of rental housing. Ten percent of the fund can be used for helping first-time buyers with down payments, closing costs, and interest rate buy-downs.
Seventy-five percent of the funds must benefit extremely low income households, that is, those at or below 30 percent of area median income.