During a recent hearing focusing on affordable housing federal funding, the House Financial Services Committee examined a proposed measure that a lawmaker said would multiply existing funding fivefold.
Rep. Joyce Beatty (D-OH) said the Generating Resources and Opportunities Within (GROW) Affordable Housing Act would bolster the National Housing Trust Fund (HTF) and the Capital Magnet Fund (CMF).
“Affordable housing is a critical issue for hardworking families in every congressional district across the country,” Beatty said. “I have heard from my constituents every day—before and during the pandemic—about their concerns with the rising price of rent and costs of owning a home, not to mention the lack of affordable housing units.”
The HTF is the first new federal housing resource since 1974, adding funds are used to aid in building, preserving, rehabilitating, and operating housing affordable to low-income individuals.
The CMF supports financing for the preservation, rehabilitation, development, or purchase of affordable housing for low-income communities – and related economic development and community service facilities.
“I am focused on making federal funding for affordable housing a congressional priority and will continue working to provide greater opportunities for all Central Ohioans to build back better and live their American Dream,” Beatty concluded.