NCSHA Statement on the Affordable Housing Credit Improvement Act of 2019
Urge your members of Congress to co-sponsor the Affordable Housing Credit Improvement Act, S. 1703/H.R. 3077.
The National Council of State Housing Agencies commends Senators Maria Cantwell (D-WA), Johnny Isakson (R-GA), Ron Wyden (D-OR), and Todd Young (R-IN) and Representatives Suzan DelBene (D-WA), Kenny Marchant (R-TX), Don Beyer (D-VA), and Jackie Walorski (R-IN) for their leadership in introducing the Affordable Housing Credit Improvement Act of 2019, S. 1703/H.R. 3077.
The bill would create hundreds of thousands of affordable apartments across the United States over the next decade by expanding and improving the Low Income Housing Tax Credit (Housing Credit).
Since its creation in 1986, the Housing Credit has been the most effective and efficient response to meeting housing affordability needs in all parts of the country, producing and preserving more than three million affordable apartments. NCSHA represents the state agencies that administer this essential, effective program.
The Affordable Housing Credit Improvement Act would provide a 50 percent boost in Housing Credit resources, phased in over 5 years, and set a minimum 4 percent Credit rate for properties financed with Housing Bonds. These two changes alone would increase production by an estimated 450,000 homes over the next 10 years.
The bill also helps to preserve existing affordable housing, allows the Housing Credit to better serve extremely low-income families and families in rural areas and Native American communities, and makes the program more efficient.
With more than 11 million households paying more than half their income for housing and rents rising faster than wages, passage of this legislation is one of NCSHA’s highest priorities. We urge Congress to act as soon as possible so that low-income families, seniors, and those experiencing homelessness can access stable, safe, and affordable housing.
About the National Council of State Housing Agencies
For more than 50 years, state Housing Finance Agencies (HFAs) have played a central role in the nation’s affordable housing system, delivering financing to make possible the purchase, development, and rehabilitation of affordable homes and rental apartments for low- and middle-income households.
The National Council of State Housing Agencies (NCSHA) is a nonprofit, nonpartisan organization created to advance, through advocacy and education, the efforts of the nation’s state HFAs and their partners to provide affordable housing to those who need it. NCSHA’s vision: An affordably housed nation. Learn more at www.ncsha.org.
For more information, contact Lisa Bowman, Director of Marketing and Communications.