To establish the National Affordable Housing Trust Fund in the Treasury of the United States to provide for the construction, rehabilitation, and preservation of decent, safe, and affordable housing for low-income families.

10/10/2007--Passed House amended.    (There are 2 other summaries)

National Affordable Housing Trust Fund Act of 2007 - Amends the Cranston-Gonzalez National Affordable Housing Act to establish in the Treasury the National Affordable Housing Trust Fund (Fund).

Declares that: (1) the Fund shall consist of certain amounts of the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation transferred to the Fund under specified law, including Federal Housing Administration (FHA) savings; and (2) all assistance provided from the Fund shall be considered to be federal financial assistance.

Sets forth conditions on the use of FHA savings, including: (1) single family housing mortgage insurance; (2) housing counseling; (3) mortgage insurance technology, procedures, processes, program performance, and salaries; (4) exclusion of earnings from the single family mortgage insurance program; and (5) limitation on mortgage insurance premium increases.

Sets forth allocations for states, Indian tribes, insular areas, and participating local jurisdictions.

Directs the Secretary of Housing and Urban Development (HUD) to: (1) establish a formula to make such allocations based on the relative needs of recipients for funds to increase the supply of decent quality affordable housing; and (2) make a grant to each entity in the amount of such allocation.

Requires such formula to be: (1) based upon a comparison of specified factors; and (2) submitted to specified congressional committees.

Sets forth a matching requirement.

Provides for: (1) state use of local jurisdictions' unused funds; and (2) competitive grants for areas without allocation plans and recipients with insufficient matching contributions.

Requires each grantee to: (1) establish an allocation plan for the distribution of Trust Fund grant amounts that meets specified criteria; (2) notify the public and provide an opportunity for public comments regarding such plan; (3) submit the plan for HUD approval; and (4) distribute grant amounts.

Authorizes a grantee, with respect to eligible activities involving one- to four-family owner-occupied housing, to give preference in the use of grant amounts to eligible activities relating to affordable housing for first responders, public safety officers, teachers, and other public employees who have family incomes, subject to specified requirements.

Sets forth targeting requirements for the following groups: (1) low-income families; (2) extremely low-income families; (3) very poor families; and (4) families above 50% of area median income. Requires HUD to report to Congress regarding such requirements.

Specifies prohibited uses of grants amounts, including: (1) political activities; (2) advocacy; and (3) counseling services.

Prescribes affordable housing criteria for: (1) rental housing; (2) owner-occupied housing; and (3) priority for families on section 8 rental assistance or public housing waiting list for 12 months or longer.

Prescribes requirements for the tracking of funds toensure grantee and recipient accountability.

Directs the Secretary to establish a clearinghouse of information, made available over the Internet, relating to green building techniques to provide grantees and Fund recipients information regarding use of Fund amounts in a manner that increases the efficiency of buildings and their use of energy, water, and materials, and reduces building impacts on human health and the environment, through better siting, design, construction, operation, maintenance, and removal.

Declares that nothing in this Act allows any payments for any individual or head of household that is not a legal resident.

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