Senators Maria Cantwell (D-Wash.) and Senate Finance Committee Chairman Orrin Hatch (R-Utah) have introduced The Affordable Housing Credit Improvement Act.
The ACTION (A Call To Invest in Our Neighborhoods) Campaign, which consists of over 2,000 stakeholders across the country, will submit a letter to Congress with strong support for the Affordable Housing Credit Improvement Act. This campaign will urge Congress to address the severe shortage of affordable rental housing in our country by expanding and strengthening the Low-Income Housing Tax Credit (Housing Credit).
Through this legislation, housing credit authority could increase by 50 percent, which is significant, as the need for affordable housing has been rapidly increasing. Further, this act would give more flexibility to the states, making the financing for affordable housing more predictable. Further, this act would help serve difficult markets (like that of rural and Native American communities), expand the Housing Credit to extremely low-income residents, and protect existing low-income housing. This proposal also contains provisions that would support rental homes using the Housing Credit and Housing Bonds.
So far, the act has gained strong support from both parties. ACTION looks forward to helping this legislation move along this year as they work with Congress. Currently more than 11 million families are spending more than half their income on housing, and the implantation of this measure is to help fix this.
Read the letter here.