Coalition on Homelessness & Housing in Ohio Expresses Concern over Impact of Proposed Rule - Cites Negative Impact on Local Housing Market.

COLUMBUS, Ohio -- The following statement, attributed to Bill Faith, Executive Director, Coalition on Homelessness & Housing in Ohio, is in response to the Federal Housing Finance Board's proposed rule on excess stock restrictions and retained earnings requirements for the Federal Home Loan Banks.

"If the Federal Housing Finance Board has its way and passes this rule, it could trigger a dramatic decline in the amount of money available for affordable housing in our region and throughout the United States.

Since 1999, the Federal Home Loan Bank System has provided $150 million in grants and loans for affordable housing projects in our region. This money has helped develop 18,000 housing units for homeless families, low-income families, the elderly and the disabled. The loss of FHLB funding could be devastating to the livelihoods of these families and our community.

We oppose the Federal Housing Finance Board's proposed rule on Excess Stock Restrictions and Retained Earnings Requirements for the Federal Home Loan Banks. We implore the Federal Housing Finance Board to stop trying to fix something that isn't broken."

To discuss how this rule could impact families in Ohio, contact Tracey Belko at 212-446-1899, who can put you in touch with the Coalition on Homelessness & Housing in Ohio.