Housing coalition sues FHFA acting director
The National Low Income Housing Coalition filed suit against Ed DeMarco, acting director of the Federal Housing Finance Agency, this week.
The NLIHC, in addition to four other individual plaintiffs and the Right to the City Alliance, accuse the director of failing to uphold Fannie Mae and Freddie Mac’s statutory duty to make contributions to the National Housing Trust Fund.
"The delay caused by the Federal Housing Finance Agency is unconscionable given the growing shortage of housing that is affordable for the lowest income Americans," said Sheila Crowley, president and CEO of the NLIHC.
She added, "The National Low Income Housing Coalition is taking this action today in hopes these critical resources can be put to use as soon as possible."
The coalition says the trust fund was intended to build, preserve, rehabilitate and operate rental housing for low-income Americans.
However, the plaintiffs claim DeMarco prevented Fannie Mae and Freddie Mac from contributing to the National Housing Trust Fund after the GSEs were pulled into conservatorship.