WASHINGTON, D.C. – U.S. Senator Jacky Rosen (D-NV) announced her co-sponsorship of legislation that would establish a $75 billion Housing Assistance Fund. The legislation, introduced by Senator Jack Reed (D-RI) would create a fund through the Treasury Department to help prevent renters and homeowners from foreclosures, evictions, and utility shut offs.
“Access to affordable housing in Nevada, and across the country, is an issue that has only been exacerbated during the coronavirus pandemic,” said Senator Rosen. “This forward-thinking legislation would create a Housing Assistance Fund and provide much-needed assistance to families struggling to keep their homes. I will continue working to ensure that Nevadans, and all Americans, have access to safe affordable housing during this crisis and beyond.”
BACKGROUND: The CARES Act included $4 billion for homeless assistance funding to help avoid evictions and minimize the immediate impacts of COVID-19. However, more is needed to maintain housing stability. According to the National Council of State Housing Agencies (NCSHA), at least $75 billion is needed to help states with the housing crisis.
The bill would create a $75 billion Housing Assistance Fund through the Treasury Department to help all state-level Housing Finance Agencies, with a minimum of $250 million per state, and a 5 percent tribal set-aside. Funds would go towards mortgage assistance payments; financial assistance to allow borrowers to reinstate their mortgages following forbearance; principal reduction; utility payments, including broadband access; and any other assistance to prevent defaults, foreclosures, or evictions.
Rosen is also a co-sponsor of the Coronavirus Housing Counseling Improvement Act, legislation that would expand access to critical information, assistance programs, and services for millions of families struggling to remain in their homes because of the COVID-19 pandemic and economic fallout.