Washington, DC (June 28, 2007)- H.R. 2895, introduced by Barney Frank (D-MA), would establish the National Affordable Housing Trust Fund in the Treasury of the United States to provide for the construction, rehabilitation, and preservation of decent, safe, and affordable housing for low-income families. Such assistance would include grants, loans, and interest rate buy-downs. Budgetary resources for the new trust fund would be provided by other legislation.
The Alliance for Community Trees is encouraging trees to be included in this bill. Trees compliment affordable housing well in several ways including:
Higher property values
Property values of homes with trees in the landscape are 5-20 percent higher than equivalent properties without trees. 4000 trees in yards would increase the sales price of homes by 1 percent, plus increase the property values as much as 10%. That is an estimated annual increase in homes sale value of $10.4 million.
Trees lower the temperature through shade. The cooling effects of trees can save millions of energy dollars. 3-4 shade trees located strategically around a house can cut summer cooling costs by 30-50 percent. For one million trees, that’s $10 million in energy savings.
This bill amends the Cranston-Gonzalez National Affordable Housing Act to establish in the Treasury a National Affordable Housing Trust Fund available to the Secretary of Housing and Urban Development to provide assistance to states, Indian tribes, insular areas, and participating local jurisdictions to increase the supply of decent quality affordable housing, especially for low-income, extremely low-income, and very poor families.
June 28, 2007- Introduced and referred to Financial Services
July 19, 2007- Committee Hearings
July 31, 2007- Passed committee markup and referred to full House
Congressional Budget Office Cost Estimate