In response to the recent housing-industry crisis, new legislation is expected to be signed by President Bush, including a trust fund to help protect low-income housing. "The funds (from the trust) would be allocated to the states, which would use the money to produce and preserve affordable housing focused on the lowest-income households," said Linda Couch of the National Low Income Housing Coalition. Couch said the fund could surpass a half billion dollars by the year 2011.
The average national rate on a 30-year fixed-rate mortgage climbed to 6.63 percent this week, forcing many lower-income Americans to seek short-term loans and other quick sources of financing. This includes cash advances, as many borrowers seek to leverage their next payday.
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