Peoria Standard

In an op-ed published in The Hill, U.S. Representatives Darin LaHood and Suzan DelBene called on Congress to take action on the affordable housing crisis. The lawmakers, who are both members of the House Ways and Means Committee, highlighted the urgent need for affordable housing and urged support for their bipartisan Affordable Housing Credit Improvement Act (AHCIA). The legislation has gained significant support, with over 200 cosponsors from both Republicans and Democrats.

The op-ed emphasized the importance of affordable housing for thriving communities. The chronic lack of supply and increasing demand has led to a shortage of affordable housing across the country. Recent events, such as the COVID-19 pandemic, supply chain difficulties, rising interest rates, and inflation, have only exacerbated the crisis. As a result, over 11.6 million households in the United States are paying more than half of their monthly income on rent, forcing families to make difficult choices between paying rent or meeting other essential needs like food and medicine.

To address this pressing issue, the authors highlighted the Low-Income Housing Tax Credit as a proven solution with a 37-year track record of success. Since its inception through bipartisan legislation signed by President Ronald Reagan, the Housing Credit has financed the production of over 3.7 million affordable homes. The program utilizes public-private partnerships and a pay-for-performance structure to ensure that taxpayer money is only spent on affordable housing developments that serve those in need.

However, the authors stressed that the success of the program necessitates its improvement and expansion. That's why they called for the enactment of the Affordable Housing Credit Improvement Act (AHCIA). The bipartisan bill aims to finance nearly 2 million more affordable homes through key production provisions. One immediate need is the reversal of a 12.5 percent cut to the Housing Credit that was allowed to expire due to inaction. The authors argued that this cut came at the worst possible time for working families, veterans, seniors, and others in need of affordable housing.

The AHCIA includes provisions that would reduce the amount of bonds required for developments to access Housing Credit equity, thereby unleashing thousands of shovel-ready projects that are currently on hold. The authors emphasized the vital link between affordable housing and economic prosperity. A stable workforce requires workforce housing, and without affordable housing options, job growth and economic recovery are hindered.

Additionally, the Housing Credit is targeted at the local level based on area median income, meaning it provides housing for essential workers such as teachers, firefighters, police officers, and those in the restaurant, hospitality, and retail industries. The authors emphasized that this crisis transcends party lines and urged Congress to act swiftly to address the affordable housing crisis.

In conclusion, Representatives LaHood and DelBene urged their colleagues and leaders to prioritize the affordable housing crisis and enact the AHCIA. They emphasized that this bipartisan legislation is a crucial step towards ensuring that impactful bipartisan accomplishments are not a thing of the past in Washington. With millions of Americans in need of affordable housing, they stressed that the time to act is now.

For additional details, please follow this link: https://lahood.house.gov/2024/1/lahood-op-ed-it-s-time-for-congress-to-address-the-affordable-housing-crisis