Legislation targets housing affordability crisis

U.S. Sen. Maria Cantwell (D-WA) recently reintroduced the Affordable Housing Credit Improvement Act (S. 1557), which would help build nearly two milling new affordable homes within the next 10 years.

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U.S. Sens. Todd Young (R-IN), Ron Wyden (D-OR), and Marsha Blackburn (R-TN) are original cosponsors in the Senate version of the legislation. It was referred to the Committee on Finance.

The measure would expand and strengthen the Low-Income Housing Tax Credit, which represents the nation’s most successful affordable housing program.

U.S. Reps. Darin LaHood (R-IL) and Suzan DelBene (D-WA) have introduced companion legislation in the House of Representatives.

“In Indiana and across the nation, affordable housing is needed now more than ever,” Young said. “The Affordable Housing Credit Improvement Act will leverage private sector investment to increase the stock of affordable housing for families in both urban and rural communities. Our bipartisan bill tackles the housing affordability crisis head on to help Hoosier families and strengthen our communities.”

Cantwell said too many families are paying too much just to keep a roof over their heads, adding that securing more affordable housing is key to economic growth and individual families’ success.

“This legislation would increase the federal resources allocated to each state, cut the red tape that hinders financing for workforce housing, better serve people most in need, and ultimately add more than 64,000 affordable units to Washington’s housing stock over the next decade,” Cantwell said.