CUNA supports legislation establishing a housing assistance fund at the Treasury, it wrote Tuesday to Sen. Jack Reed (D-R.I.). Reed introduced a bill, S. 3620, that would establish such a fund.

“CUNA supports S. 3620 that would establish a $75 billion Housing Assistance Fund which would provide those resources directly to state Housing Finance Agencies,” CUNA President/CEO Jim Nussle wrote in support of the bill. “This will help to prevent mortgage defaults, foreclosures, and displacements of those Americans experiencing financial hardship caused by the pandemic.”

CUNA notes this legislation is especially important as the coronavirus disease (COVID-19) pandemic will likely lead to more foreclosures and evictions in the months ahead.

“Even more disconcerting, more than 70% of renters are not covered by the CARES Act’s prohibition against evictions for failure to pay rent according to the Urban Institute’s calculations,” the letter reads.