76th Annual  Meeting
The U.S. Conference of Mayors
76th Annual Meeting
June 20-24, 2008



WHEREAS, it has been eighteen years since the federal government last enacted a major affordable housing production program; and

WHEREAS, the shortage of affordable rental housing for people with limited income continues to be one of our most significant urban challenges, with housing costs outstripping wages for more households than ever before; and

WHEREAS, in October 2007, the House of Representatives, led by Chairman Barney Frank of the House Financial Services Committee, passed The National Affordable Housing Trust Fund Act of 2007, the largest expansion in federal housing programs in decades, with a goal of producing, rehabilitating and preserving 1.5 million housing units over the next 10 years, allocating up to$1 billion annually directly to states and local communities, with funding derived from a portion of the profits of Government Sponsored Enterprises such as Fannie Mae and Freddie Mac; and

WHEREAS, the Fund resources would be eligible for activities such as construction, rehabilitation, acquisition, preservation incentives and operating assistance to facilitate affordability, among others; and

WHEREAS, 60 per cent of funding monies will go to participating local jurisdictions and 40% to states, Indian Tribes and insular areas; and

WHEREAS, Senators John Kerry and 19 co-sponsors have introduced comparable legislation which is now pending before the Senate Banking, Housing and Urban Affairs Committee,

NOW, THEREFORE, BE IT RESOLVED, that the U.S. Conference of Mayors commends Chairman Barney Frank, Subcommittee Chair Maxine Waters, the House Financial Services Committee and the full House of Representatives for its passage of the Affordable Housing Trust Fund Act, as well as Senators Kerry and his Senate co-sponsors for their efforts on the Senate side to advance this legislation; and

BE IT FURTHER RESOLVED, that the U.S. Conference of Mayors urges the Congress to enact an Affordable Housing Trust Fund as soon as possible to ensure that housing opportunities are available to all Americans.