By Eugene T. Lowe
January 22, 2007

Following the Conference of Mayors special leadership meeting January 11, several mayors met with the new Chair of the House Financial Services Committee Barney Frank (MA) on Capitol Hill. The purpose of the meeting was to get a briefing from Frank on his plans with respect to housing and community development for the coming year, and to inform Frank of the priorities of the Conference of Mayors.

Conference of Mayors Chair of the Community Development and Housing Committee Columbus (OH) Michael B. Coleman, Providence (RI) Mayor David N. Cicilline, and Stamford (CT) Mayor Dannel P. Malloy met with Frank.

Frank described a number of legislative items that he would like to take action on during the year. He said that he would like to pass legislation that would create a regulator for the government sponsored enterprises – Fannie Mae and Freddie Mac. This legislation would create an Affordable Housing Fund, which could provide $500 million or more annually for housing. Frank said, while a good deal of the funds would come from the profits of Fannie and Freddie, there still would have to be an appropriation. He said further that there would be a bill to preserve affordable housing. The Community Development Block Grant (CDBG) program would also be “pumped up.” Working with the Chair of the Ways and Means Committee, Representative Charlie Rangel (NY), Frank said that the Low Income Housing Tax Credit would be modified to work seamlessly with other housing programs. There would also be a national predatory lending bill that would not drive banks to return to redlining. Section 8 would be preserved. Frank also said that the House and Senate have already agreed to restore HOPE VI, the severely distressed public housing programs strongly supported by mayors.

nal predatory lending bill that would not drive banks to return to redlining. Section 8 would be preserved. Frank also said that the House and Senate have already agreed to restore HOPE VI, the severely distressed public housing programs strongly supported by mayors.

The mayors pledged to support Frank’s efforts, especially CDBG and HOPE VI, which are both in the 10-Point Plan developed in the leadership meeting as the major policy to be pursued by the Conference of Mayors over the next two years.