Donovan, Geithner Press for Capitalization of Trust Fund

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Tax Credit Advisor, December 2009: HUD Secretary Shaun Donovan and U.S. Treasury Secretary Timothy Geithner recently called on Congress to approve three important measures to improve housing and the housing market for Americans. One is to provide funding for the national Housing Trust Fund, which hasn’t been capitalized yet. The Administration’s FY 2010 budget request proposed $1 billion for the Trust Fund, to be fully offset within the budget. The pair indicated that the Administration now will work with Congress to identify a specific offset to assure this funding level. Meanwhile, a new bill (H.R. 3766) by House Financial Services Committee Chairman Barney Frank (D-Mass.) would direct Treasury to transfer $1 billion in TARP funds to HUD for the Trust Fund. A separate bill S. 1731) by Sen. Jack Reed (D-R.I.) would provide the same funding level as well.