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Press Release

    FreedomWorks Joins Coalition Letter Against New Housing Trust Fund

    July 21, 2008

    Dear President Bush:

    Like all Americans, we are deeply concerned about the crisis in our financial markets. This is why we urge you to stand by your earlier statement and veto any bill that creates an “affordable housing trust fund” that would divert funds from the revenues of federal housing entities to at best, repetitive, and at worst, dubious purposes

    As you noted in your Statement of Administration Policy of Oct. 9, 2007, (reaffirmed in an SAP release June 19, 2008), the trust fund proposal “could jeopardize the solvency of the FHA” and “create an undue and counterproductive reliance on Fannie Mae and Freddie Mac.” And we also agree that even at best, “the activities and program design” of the "trust fund" would be “largely redundant with those of” other federal housing programs.

    We also strongly share your concerns that such an entity would “be susceptible to political influences that could compromise the goals of assisting as many low-income families in need as possible.” The housing bills recently passed by the House and Senate contain very few safeguards to keep the money from their proposed “trust funds” from being diverted for political purposes. This is of particular concern given that the Association of Community Organizations for Reform Now (ACORN), who would likely be an eligible recipient of this “trust fund,” has already been found to have misused housing grants from AmeriCorps by that program’s inspector general.

    We will stand by and praise to our members any veto of a bill containing these “trust fund” provisions.

    Sincerely,

    Larry Hart
    Director of Government Relations
    American Conservative Union

    Tim Phillips
    President
    Americans for Prosperity

    Grover Norquist
    President
    Americans for Tax Reform

    Larry Cirignano
    Founder
    Catholic Vote

    Steve Baldwin
    President
    CNP Action Inc.

    Fred Smith
    President
    Competitive Enterprise Institute

    John Berlau
    Director, Center for Entrepreneurship
    Competitive Enterprise Institute

    Ron Pearson
    President
    Council for America

    Tom Schatz
    President
    Council for Citizens Against Government Waste

    Jim Boulet
    Executive Director
    English First

    Matt Kibbe
    President and CEO
    FreedomWorks

    Andrew Langer
    President
    Institute for Liberty

    Richard Falknor
    Chairman
    Maryland Center-Right Coalition

    Amy Ridenour
    President
    National Center for Public Policy Research

    Pete Sepp
    Vice President for Policy
    National Taxpayers Union

    Demos Chrissos
    President
    National Voters Alliance

    Deneen Borelli
    Fellow
    Project 21

    Morton Blackwell
    Committeeman of Virginia
    Republican National Committee

    Kevin Kearns
    President
    United States Business & Industry Council