Washington, D.C. – U.S. Senator Catherine Cortez Masto (D-Nev.) released the following statement after the Federal Housing Finance Agency finally released millions of dollars in funding for affordable housing programs benefitting low-income Nevadans. The funds, destined for the National Housing Trust Fund (HTF) and Capital Magnet Fund, were delayed by the Trump Administration for one month.
“Affordable housing is essential to providing stability and economic security for Nevada families. The National Housing Trust Fund and Capital Management Fund help bridge the affordable housing gap by providing millions of dollars for low-income housing in Nevada. I’ve worked to hold this Administration accountable for delaying this much-needed funding, and I’m glad Nevada families will no longer have to wait for these critical investments.”
BACKGROUND
The National Housing Trust Fund is a program under the U.S. Department of Housing and Urban Development that aims to create affordable housing for the poorest Americans. Last year, the HTF provided $267 million in funding to construct and rehabilitate homes for extremely low-income households across the United States, including $3 million for Nevada. HTF funding was used to set aside 13 units for people with disabilities and 15 units for families earning less than $50,000 a year in Las Vegas. It also helped rehabilitate a 72-unit building in Reno for people who are experiencing homelessness, have physical disabilities, mental illness, or are struggling with substance abuse.
The Capital Magnet Fund, which is housed under the U.S. Treasury and awards grants to Community Development Financial Institutions and non-profit organizations working toward affordable housing solutions, has provided nearly $2 million to Nevada. This Fund helped construct a 55-unit senior affordable housing complex with on-site health management in Sparks.
Last month, Senator Cortez Masto raised concerns that President Trump’s budget proposal gutted the National Housing Trust Fund and other critical programs that address Nevada’s affordable housing crisis.