A new bipartisan initiative in the US House of Representatives has reintroduced the Affordable Housing Credit Improvement Act, with the goal of financing the development of nearly 2 million affordable homes.
The new version of the legislation seeks to increase the number of credits allocated to each state by 50% for the next two years and to make the temporary 12.5% increase secured in 2018 permanent. It would also increase the number of affordable housing projects that can be built using private activity bonds and upgrade the Low-Income Housing Tax Credit (LIHTC) program to better serve at-risk and underserved communities including veterans, victims of domestic violence, and rural Americans.
Reps. Darin LaHood (R-IL), Suzan DelBene (D-WA) reintroduced the bill, which has 114 bipartisan co-sponsors. A companion bill has yet to be introduced in the Senate.
“As I travel throughout Illinois’ 16th Congressional District, I frequently hear how the shortage of affordable housing impacts our communities throughout central and northwestern Illinois,” said LaHood. “To address this growing crisis across the country, Congress must strengthen tools to drive investment into affordable workforce housing and expand housing options for hardworking families nationwide.”
I just happy to hear that ANYTHING is a bi-partisan effort.