Number
071232
Version
ORIGINAL
Reference
Sponsor
ALD. MURPHY
Title
Resolution expressing the City of Milwaukee's support for the establishment of a National Affordable Housing Trust Fund.
Analysis
This resolution expresses the Common Council’s support for the National Affordable Housing Trust Fund Act of 2007, approved by the U.S. House of Representatives, and urges its passage by the U.S. Senate under a bill proposed by Senator John Kerry.
Body
Whereas, The U.S. House of Representatives passed H.R. 2895, the National Affordable Housing Trust Fund Act of 2007, on October 10, 2007 by a strong bi-partisan vote of 264-148; and
Whereas, The National Affordable Housing Trust Fund is designed to:
1. Address the national shortage of housing that is affordable to low-income families by creating a permanently appropriated fund, with dedicated sources of funding, to finance additional housing activities without supplanting existing housing appropriations or existing state and local funding for affordable housing.
2. Enable rental housing to be built for families with the greatest economic need, in mixed income settings and in areas with the greatest economic opportunities.
3. Promote ownership of one-to-four family owner-occupied housing by low-income families. re on PROD1PC65 with BILLS
4. Construct, rehabilitate, and preserve at least 1,500,000 affordable dwelling units over the next decade.
; and
Whereas, The National Affordable Housing Trust Fund will be the largest expansion in federal housing programs in decades, initially allocating between $800 million and $1 billion annually directly to states and local communities, without increasing government spending or the federal deficit; and
Whereas, The U.S. Senate will be considering the National Affordable Trust Fund Act of 2007 as proposed under a draft bill by Senator John Kerry; and
Whereas, A summary of the Senate Draft is attached to this resolution; and
Whereas, Supporting the National Housing Trust Fund Act is in the best interest of the City of Milwaukee and its residents, particularly since the City recently established its own Affordable Housing Trust Fund and related advisory board, and continues to seek new sources of funding for this purpose; now, therefore, be it
Resolved, By the Common Council of the City of Milwaukee, that the Council expresses its support for the Affordable Housing Trust Fund Act of 2007, approved by the U.S. House of Representatives, and urges its passage by the U.S. Senate as proposed by Senator John Kerry.
Requestor
Drafter
mcw.lrb
mjm.senate.htf.lrb07602-1
12/10/07