Peoria Standard

U.S. Representatives Darin LaHood, Suzan DelBene, Brad Wenstrup, Don Beyer, Claudia Tenney, and Jimmy Panetta are calling for the passage of the Affordable Housing Credit Improvement Act (AHCIA) as the bill reaches 200 cosponsors. The bipartisan legislation aims to address the nationwide affordable housing crisis by building nearly 2 million new affordable homes over the next decade.

The lawmakers sent a letter to House Leadership urging the consideration of the AHCIA in any potential tax legislation brought to the floor. In the letter, they highlight the importance of the Low-Income Housing Tax Credit (Housing Credit), which has financed over 3.7 million homes nationwide and is responsible for virtually all affordable housing produced since its inception.

The AHCIA includes provisions that would reverse a 12.5 percent cut to the Housing Credit and lower the "50 percent test" bond financing threshold, which currently creates a barrier to affordable housing production. By enacting these provisions, the legislation would increase Housing Credit resources and make it easier for states to access funding for affordable housing projects.

The nationwide housing crisis continues to worsen, with nearly one-in-four renters spending more than half of their household income on rent. Additionally, nearly 600,000 Americans are experiencing homelessness on any given day. The AHCIA aims to address these issues by increasing the amount of credits allocated to each state, 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.

The lawmakers emphasize the urgency of addressing the housing crisis and stress that the AHCIA provisions must be included in any emerging tax legislation. They state, "There is not a single community in the U.S. that is unaffected by this urgent need, and the significant support for our bill shows that." The AHCIA has gained support from 200 cosponsors in the House, equally divided between Republicans and Democrats.

The passage of the AHCIA would have an immediate positive impact by allowing thousands of affordable housing projects to begin development. The lawmakers urge Congress to act now before the housing crisis worsens further.

In conclusion, the Affordable Housing Credit Improvement Act is a bipartisan effort to address the nationwide affordable housing crisis. With 200 cosponsors in the House, the legislation aims to increase Housing Credit resources and make it easier for states to access funding for affordable housing projects. The provisions in the AHCIA would reverse cuts to the Housing Credit and lower financing thresholds, while also improving the program to better serve at-risk and underserved communities. The urgency of the housing crisis necessitates the immediate passage of the AHCIA to provide relief to millions of Americans in need of affordable housing.

To learn more, click on this link: https://lahood.house.gov/2023/12/lahood-delbene-wenstrup-beyer-tenney-panetta-urge-passage-of-affordable-housing-credit-improvement-act-as-the-bill-reaches-200-cosponsors