07 Jun BPC Action Applauds the Bipartisan, Bicameral Introduction of the Affordable Housing Credit Improvement Act in Housing
BPC Action issued the following statement on the introduction of the Affordable Housing Credit Improvement Act:
“BPC Action commends Sens. Maria Cantwell (D-WA), Johnny Isakson (R-GA), Ron Wyden (D-OR), and Todd Young (R-IN) and Reps. Suzan DelBene (D-WA), Kenny Marchant (R-TX), Don Beyer (D-VA), and Jackie Walorski (R-IN) for their bipartisan collaboration to introduce the Affordable Housing Credit Improvement Act—S. 1703/H.R. 3077. This legislation would expand and strengthen the Low-Income Housing Tax Credit (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 housing in the United States, providing tax credits to private investors for the development of affordable rental homes. By expanding support for the credit by 50 percent, this bill would increase affordable housing production over 10 years by over 384,000 more homes than we are able to produce today. Importantly, the bill also includes provisions to ensure that LIHTC can better serve homeless and extremely low-income families and encourage more development in Native American and rural communities.
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 LIHTC. The Bipartisan Policy Center has also 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.