WASHINGTON, D.C. — The Consumer Federation of America (CFA) and the Coalition for Federal Home Loan Bank Reform today endorse Congresswoman Maxine Waters bill (H.R. 10325), which would increase the Federal Home Loan Banks mandatory contribution to Affordable Housing Programs nation-wide. Passage of the bill would direct approximately $300 million in additional funding each year towards affordable housing development, down payment assistance, and home repair programs, without requiring additional taxpayer funding.

“We applaud Congresswoman Maxine Waters for taking action to increase the Federal Home Loan Banks’ minimum contributions to affordable housing for the first time in more than 35 years,” said Sharon Cornelissen, Director of Housing at the Consumer Federation of America. “This bill is an important step, but Congress should demand more given that the FHLBanks receive an estimated $7 billion in annual subsidies and tax breaks. Amid a dire housing affordability crisis, the public now only receives pennies on the dollar. We look forward to working with Congress on additional reforms and initiatives that will bring this government-subsidized housing finance system back to its public mission.”

CFA leads the Coalition for Federal Home Loan Bank Reform, a non-partisan coalition of 13 national housing and consumer advocacy organizations working to enhance the ability of the FHLBank System to address the nation’s affordable housing and community development needs.

Read our fact sheet on why Congress should support doubling the FHLBanks minimum Affordable Housing Program contributions.