Lawmakers from both sides of the aisle are supporting a bill that would increase the number of federal affordable housing credits available and streamline the development process for affordable housing projects.
The proposed federal Affordable Housing Credit Improvement Act (AHCIA) would boost affordable housing investments and could, according to its supporters, help create two million affordable housing units in the next decade, reports Chris Clow in Housing Wire.
The bill, introduced by a bipartisan group of legislators in both the U.S. House and Senate, plans to spur housing development “by increasing the number of credits allowed to each state by 50% over the next two years; by increasing the number of affordable housing projects that can be built using private activity bonds; and improving the Housing Credit program to better serve at-risk and underserved communities.”
As Clow explains, “Communities that could qualify as ‘at-risk’ or ‘underserved” include veterans, domestic violence victims, formerly homeless students, certain Native American communities and rural residents.”
Rep. Darin LaHood, a Republican from Illinois, said “the Low-Income Housing Tax Credit continues to be an important tool to drive investment in the affordable rental housing market,” while Sen. Maria Cantwell (D—Washington) said the legislation could support the creation of over 64,000 affordable housing units in Washington state.
Read the full story: Bipartisan lawmaker group introduces new affordable housing bill
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