Senator Jack Reed (D-RI) introduced legislation last week that would contribute $1 billion to the National Housing Trust Fund for the creation, preservation and rehabilitation of affordable housing. The Preserving Homes and Communities Act of 2011 (S. 489) would provide the funds through proceeds from the sale of warrants provided to the Treasury by banks in exchange for receiving Troubled Asset Relief Program funds. The legislation has been referred to the Committee on Banking, Housing and Urban Affairs. Read More…