Capitol Connect

Welcome to MHP Capitol Connect! This blog covers state and federal housing politics. 

Minnesota's largest school districts endorse United for Homes

Citing a rise in the percentage of students experiencing homelessness, the Superintendent of Saint Paul Public Schools and the Board of Minneapolis Public Schools both recently endorsed the United for Homes campaign to fund the National Housing Trust Fund, which would generate $200 billion to invest in low income housing across the U.S. over ten years.

   

$100 million for housing remains well-positioned in Minnesota House

The $100 million requested in bonding dollars by the Homes for All alliance remains well-positioned after Wednesday's passage of two bills through the House Capital Investment Committee. These two bills represent the House version of the bonding bill that will now travel to the Ways and Means committee.

House Capital Investment Committee Chair Alice Hausman divided the $100 million bonding request between the two larger bills, one totaling $850 million to be funded by bonds, and one totaling $125 million to be funded by cash appropriations.

   

Homes for All bonding request making steady progress in legislature

We are excited to share three key Homes for All milestones from the past month, toward the goal of securing $100 million in bonding for affordable housing in the 2014 legislature:

1. In late February, the Homes for All bonding bill requesting $100 million for Housing was introduced in the House by Rep. Alice Hausman (DFL) and in the Senate by Sen. LeRoy Stumpf (DFL).

2. On March 14, the Minnesota House DFL released its budget targets for the 2014 session. The budget lists target levels by category, including $20 million in Government Obligation bonds and $80 million in Housing Infrastructure bonds.

3. Last Thursday, Rep. Hausman introduced HF-3250, the Capital Investment bill. This proposed legislation is consistent with the House DFL targets for housing, as it also includes $20 million in Government Obligation bonds and $80 million in Housing Infrastructure bonds. The Senate has not yet released its Capital Investment bill.

   

Johnson-Crapo bill draft holds huge promise for National Housing Trust Fund

Earlier this week, a legislative draft of the Johnson-Crapo Housing Finance Reform Bill was released in Washington D.C. and holds significant promise for low income families across the nation who are struggling to secure affordable rental housing.  There is a current shortage of 7 million homes in the U.S. that are affordable to extremely low income households.

If passed, Johnson-Crapo would:

  • Wind down Fannie Mae and Freddie Mac
  • Create the new Federal Mortgage Insurance Corporation (FMIC)
  • Assess 10 basis points (10 cents for each $100 of principal) on each FMIC covered security to fund affordable housing activities
    • 75% of proceeds would go to the National Housing Trust Fund (created in 2008)
    • 15% of proceeds would go to the Capital Magnet Fund (created in 2008)
    • 10% of proceeds would go to the Market Access Fund (new)
   

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Related Housing & Politics Blogs

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  • Minnesota Coalition for the Homeless

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Capitol Connect was formerly known as the Capitol Update. Access back issues of the Capitol Update here.