Qtnngrenz of t1~e UniteZ ~tatn fltaaliiugtnn, 1~Qt 20515

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1 Qtnngrenz of t1~e UniteZ ~tatn fltaaliiugtnn, 1~Qt July 21, 2014 The Honorable Mel Watt Director Federal Housing Finance Agency 400 7th Street SW Washington, DC Dear Director Watt: We congratulate you on your confirmation as Director of the Federal Housing Finance Agency (FHFA). We share your commitment to greater investments in affordable housing and community economic development. We write to request that you review the determination that the FHFA made on November 13, 2008 to temporarily suspend Fannie Mae and Freddie Mac s contributions to the Housing Trust Fund and Capital Magnet Fund. As you know, the Housing and Economic Recovery Act of 2008 (HERA) requires Fannie Mae and Freddie Mac (the GSEs) to set aside b~42 basis points for each dollar of the unpaid principal balance of its total new business purchases to fund the Housing Trust Fund and Capital Magnet Fund. This was an important, hard-fought victory, as it provided a dedicated source of revenue for the construction and preservation of affordable housing for extremely low income families. However. HERA also gave the Director of the FHFA the authority to temporarily suspend these contributions in certain circumstances. On November 13, 2008, then-director of the FHFA James B. Lockhart directed the GSEs to suspend the contributions to the Housing Trust Fund and Capital Magnet Fund, citing the financial instability at the GSEs during the fall of The GSEs have repaid all of the investment provided to them during the Great Recession. We urge you to lift this temporary suspension and begin to follow the intent of Congress by contributing to the National Housing Trust Fund and the Capital Magnet Fund. The need for affordable rental housing and job and business investment in disadvantaged communities has only grown since the Great Recession. We respectfully request that you review this matter soon and respond to our reque~t. Sincerely, Keith Ellison Ra ] M. Grij~ Carolyn : aloney Member of Member P Congress PRNTED ON RECYCLED PAPER

2 41_44 1 S_ 4 eatty mber of Congress Corrine rown 0..Sei~ Me ber of Congress Michael E. Capuano( John C. Camey, Jr.t/ ~a. André Carson Matt Cartwright Lw Donna Christensen - F, David N. Cieilline Kat ri 14 Wm. Lacy Clay Emanuel C.ver Member of C. - a r ah B. Cummings S 0~ S Gerald B. Conrioll Dai~i y K. Davis n/ ~ hncon~/j ember of U 7 - John K. Delaney - zabeth Esty ttlaka FattakN a Alan Grayson

3 Al Green Denny H-f A a A imes er of Congress ~n~ojost~17~ enry C. jhank Johnson Jr. Member,s6f Congress ~aelm.hona.1 r Marcy.Aptur WvenA. sfo d 0 ~al 7i~1 P. Kennedy, Daniel T. Kildee Derek Ku W / Al hn B. Larson, ~ km Peter Welch ohn Lewis A,~Sgi S-phenF. Lync ~ ember of Congres $iofg~ 3~5),5O. Doris 0. Matsui Member of Con..; Alan S. Lowenthal 4,19 Carolyn McC hy Member of.ngress C Patrick E. Murphy. J Al ~ JL 5~..J. McDermott P. Mc(overn

4 C~a /J~ Gregory Mee s 0~ eorgemilfr V en Moo Tern A. Sewell 4~4dM.Noan adler L Gary C.,Vers Membe of Congress Mark Pocan Ed Perlmutter at /. ~~~;res emberof 1 ~ss ~ot &~Qt4-~ Collin C. Peterson Cedric L. Richmond * ~LaJ // ~, Luci e Royb. hard / / a4á LZ.byL. ush Linda T. Sanchez F, ce D. Schakowsky mber of Congress Bobby Scott David Scott a leg E. Sennano a ~ Louise S ughter / 8 sten Sinema e her of Congress

5 Eric Sw~fW~i1 - Mark Takano Bennie G. T. Dma Titus udy Chu ~rhomesoo~ %aren Bass Rosa L. DeLauro Xav r Becerra Me ber of Congress

Qtnngri~s uf tt~ Thiiti~ ~taii~s U1~1~ingtnu, ~3QL 0515

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