Law Commons^™

National Affordable Housing Trust Fund Legislation: The Subprime Mortgage Crisis Also Hits Renters, Peter W. Salsich

All Faculty Scholarship

This article discusses the National Housing Trust Fund, created as part of the Housing and Economic Recovery Act of 2008 (HERA). The Housing Trust Fun represents a new federal housing development policy. The Fund is designed to serve the approximately 18.5 million households who make less than $30,000 per year, roughly half the national median income in 2005. After a review of the housing affordability concerns of extremely low-income households (annual income 30% or less than area median income) and the impact the subprime mortgage foreclosure has had on such households, the article summarizes HERA's regulatory reform and foreclosure relief …