The legislation would use some of the profits generated by the Federal Housing Administration (FHA) to create a national affordable housing trust fund from which states and organizations could draw to build affordable housing rental units in mixed-income locations, to construct affordable homes for low to middle income citizens, and provide rental subsidies to low-income individuals.  The bill is cosponsored by 174 members and supported by over 2000 national, state, and local labor, religious and housing organizations.

“I am honored to be here with so many important community leaders who have worked so tirelessly for social justice. I want to thank you for all your hard work I also want to thank Representative Sanders for authoring the National Affordable Housing Trust Fund Act.  The time for a national response to our affordable housing crisis is long overdue.

“While we spare no expense to attack terror around the world, we must also use every resource available to provide for the critical needs of American families, like affordable housing.  Some  argue that we do not have the resources to do both. I disagree. President Bush and Republicans found trillions of dollars in tax giveaways to wealthiest Americans -- their investors, their contributors, and large corporations.  But they won’t spare a dime for a single family home or even a studio apartment.

“The Bush Administration and Republicans are about to throw another $48 billion at the Pentagon at a time when the Defense Department cannot account for $1.2 trillion in transactions over the past ten years.  This is the same Department of Defense that has issued more 1.2 million credit cards to its employees so some can pay for gambling debts, travel bags, bills at Hooters and toy stores. 

“I ask President Bush and Republicans  – what about our nation’s housing crisis?  Isn’t a priority?  Why are you giving Enron executives millions of dollars in tax breaks?  Do they deserve to build additions to their million dollar homes, while working families can’t afford a home to call their own?

“In Chicago alone, there is a shortage of 150,000 affordable housing units.  Nationally, there’s been a 37 percent increase in the number of people seeking emergency shelters and five million people are facing the worst housing crisis in the United States. I believe we can fight terrorism, we can provide homeland security, and we can provide housing for people. 

“I am a proud supporter of  ‘The National Affordable Housing Act,’ H.R. 2349 which would address the housing shortage, more than triple affordable housing construction, and provide housing to more than 200,000 families.  This legislation is a must for our priority list and it represents an important and serious commitment to addressing our nation’s housing crisis.  I look forward to working with all of you to make this a reality.”