Obama Administration Wants Affordable Housing Soon

HousingWire.com reports HUD Secretary Shaun Donovan and Treasury Secretary Timothy Geithner, in testimony before the Senate Banking Committee Tuesday, spoke of a financing mechanism to replace Fannie Mae and Freddie Mac.  “The funds could be used to scale up support for proven nonprofit partnerships for affordable housing production and preservation that can attract much larger amounts of private capital,” said Donovan.  Congress authorized the National Housing Trust Fund in 2008, but it has not received any funds yet.  House Republicans are drafting legislation to establish a framework for housing finance in the future, but Geithner wants something in place within two years.

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