A bipartisan group of lawmakers reintroduced on June 4 the “Affordable Housing Credit Improvement Act” to expand and reform the Low Income Housing Tax Credit (Housing Credit). The bill was released during the third annual Our Homes, Our Voices National Housing Week of Action.
The bill, introduced by Senators Maria Cantwell (D-WA), Todd Young (R-IN), Ron Wyden (D-OR), and Johnny Isakson (R-GA) and Representatives Suzan DelBene (D-WA), Kenny Marchant (R-TX), Don Beyer (D-VA), and Jackie Walorski (R-IN), would take important steps toward alleviating the nation’s housing affordability crisis by incentivizing developers to better serve the lowest-income families—those with the greatest and clearest needs.
The bill would expand the Housing Credit by 50% and increase existing incentives to encourage developers to build rental homes affordable to extremely low-income households and to families in underserved rural and tribal communities. By doing so, the bill would help make it more financially feasible for developers to serve households with the greatest needs, an important first step in addressing our nation’s affordable housing crisis.
Read NLIHC’s press statement on the bill at: https://tinyurl.com/y3mn6atc
See NLIHC’s factsheet on the bill at: https://tinyurl.com/yxpfuyao