Shaheen Demands Trump Administration, OMB Director Vought Release Affordable Housing Construction Funds

(Washington, DC) – U.S. Senator Jeanne Shaheen (D-NH) and a number of her Senate colleagues are pressing the Trump Administration and Office of Management and Budget (OMB) Director Russell Vought to unlock community development tools and promptly release $750 million in federal housing construction funds. This effort is particularly important as President Trump continues his refusal to sign the bipartisan 21 st Century ROAD to Housing Act , which Congress passed last month to help build more housing, lower costs, streamline construction regulations and curb private equity’s ability to buy single-family homes and drive up housing prices. The Trump Administration is sitting on approximately $750 million in housing construction funds available under the Capital Magnet Fund (CMF), Housing Trust Fund (HTF) and Housing Production-Financial Assistance Awards (HP-FA) programs. These federal funds can be leveraged by state and local organizations to develop, preserve, rehabilitate and increase the supply of affordable housing. Together, these programs strengthen communities, revitalize neighborhoods, create jobs and ensure more Americans can afford a high-quality home at a decent price that fits their budget. Senator Shaheen and 22 of her colleagues demanded OMB Director Vought release these housing construction funds without further delay. The Senators wrote, in part: “We write to urge you to immediately direct the Department of Housing and Urban Development and the Department of the Treasury to release approximately $750 million in housing construction funds available under the Capital Magnet Fund (CMF), Housing Trust Fund (HTF), and Housing Production-Financial Assistance Awards (HP-FA) programs.” They continued: “These funds, which are derived from the profits of Fannie Mae and Freddie Mac and revenue from the Emergency Capital Investment Program, could pay to build or rehabilitate over 63,000 homes at no cost to American taxpayers.” The Senators concluded: “Today, Americans are suffering through a housing affordability crisis. Single-family home prices and the average age of first-time homebuyers hit record highs last year, while more households are paying unsustainable amounts of rent than ever before. This crisis is nationwide: home prices have surged 40% in Texas, 43% in Iowa, 54% in Georgia, and 65% in Maine over the past six years – far outpacing wages and overall inflation. You have the ability to increase our nation’s housing supply and help address this crisis. With that in mind, we urge you to direct the release of these funds without any further delay.” A full copy of the letter can be found HERE. In addition to Shaheen, the letter is signed by U.S. Senators Jack Reed (D-RI), Elizabeth Warren (D-MA), Bernie Sanders (I-VT), Tina Smith (D-MN), Ben Ray Luján (D-NM), Sheldon Whitehouse (D-RI), Catherine Cortez Masto (D-NV), Chris Van Hollen (D-MD), Peter Welch (D-VT), Mark Warner (D-VA), Cory Booker (D-NJ), Tim Kaine (D-VA), John Hickenlooper (D-CO), Jacky Rosen (D-NV), Andy Kim (D-NJ), Ron Wyden (D-OR), Richard Blumenthal (D-CT), Angus S. King, Jr. (I-ME), Ruben Gallego (D-AZ), Patty Murray (D-WA), Raphael Warnock (D-GA) and Lisa Blunt Rochester (D-DE). Shaheen is leading efforts in the Senate to lower housing costs and increase the supply of affordable units in the Granite State. Earlier this year, Senator Shaheen secured three commonsense provisions—the Strategy and Investment in Rural Housing Preservation Act, Streamlining Rural Housing Act and the Preservation and Reinvestment Initiative in Community Enhancement (PRICE) Act in the landmark 21 st Century Renewing Opportunity in the American Dream (ROAD) to Housing Act to expand supply of affordable housing, streamline construction and lower costs in the Granite State and across the country. In the bipartisan Fiscal Year 2026 Transportation, Housing and Urban Development and Related Agencies Appropriations bill, Shaheen secured upwards of $9 million in federal funding for affordable housing in New Hampshire. Recently, Senator Shaheen visited Franconia , West Lebanon and Laconia to discuss policy solutions to lower housing costs for communities across the state. ###