Bill Would Mandate FHFA Deny Credits to Anti-Affordable Housing
June 13, 2014
Rep. Carolyn B. Maloney, D-NY, last week reintroduced legislation that would “sharply curtail” the ability of Fannie Mae and Freddie Mac to invest in future transactions that reduce the availability of affordable housing both in New York and nationwide. Maloney’s legislation, the Responsible GSE Affordable Housing Investment Act of 2014, initially introduced in 2010, would require the Federal Housing Finance Agency to deny affordable housing goals credits when a project’s debt is disproportionate to its income.
The creation of a U.S. sovereign wealth fund could grease the skids for an end to the conservatorships of Fannie Mae and Freddie Mac.
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