19 Apr BPC Action Applauds Reintroduction of Affordable Housing Credit Improvement Act in Housing
BPC Action commends Sens. Maria Cantwell (D-WA), Todd Young (R-IN), Ron Wyden (D-OR) and Rob Portman (R-OH) and Reps. Suzan DelBene (D-WA), Jackie Walorski (R-IN), Don Beyer (D-VA), and Brad Wenstrup (R-OH) for their bipartisan collaboration to reintroduce the Affordable Housing Credit Improvement Act. This bipartisan bill builds on a key recommendation of two Bipartisan Policy Center reports, Healthy Aging Begins at Home and Housing America’s Future, which both called for a 50 percent increase in federal support for the Low-Income Housing Tax Credit (LIHTC).
This legislation would expand and strengthen the LIHTC helping address the critical shortage of affordable rental homes in the United States. LIHTC is the largest and most effective government program to finance new affordable rental homes in the United States, providing tax credits to private investors for their development. By expanding support for the credit by 50 percent, among other key reforms, this bill would increase affordable housing production over 10 years by an estimated 2 million additional affordable rental homes. Importantly, the bill also includes provisions to ensure that LIHTC can better serve homeless and extremely low-income families and encourage more development in tribal and rural communities.
The Bipartisan Policy Center has repeatedly affirmed its support for LIHTC, noting its role in any consensus-driven affordable housing initiative and its effectiveness as a tool to support public health and wellness. Additional support for LIHTC and the private investment it can leverage are sorely needed to increase the supply of affordable and available homes.
BPC Action urges Congress to pass this important legislation.