Bipartisan Affordable Housing Credit Improvement Act Introduced in the Senate
The Low-Income Housing Tax Credit, our nation’s most successful housing program, was given a boost of support today with the introduction of the Affordable Housing Credit Improvement Act in the Senate. Lead sponsors Senators Todd Young (R-IN), Maria Cantwell (D-WA) Marsha Blackburn (R-TN.) and Ron Wyden (D-OR.) reintroduced the AHCIA with 30 bipartisan cosponsors, a significant number which we expect to expand on in the coming weeks.
The original cosponsors are:
Maria Cantwell (D-WA)
Ron Wyden (D-OR)
Michael Bennet (D-CO)
Catherine Cortez Masto (D-NV)
Kristen Gillibrand (D-NY)
Maggie Hassan (D-NH)
Amy Klobuchar (D-MN)
Ben Ray Lujan (D-NM)
Leader Chuck Schumer (D-NY)
Jeanne Shaheen (D-NH)
Tina Smith (D-MN)
Mark Warner (D-VA)
Raphael Warnock (D-GA)
Peter Welch (D-VT)
Sheldon Whitehouse (D-RI)
Todd Young (R-IN)
Marsha Blackburn (R-TN)
John Boozman (R-AR)
Bill Cassidy (R-LA)
Susan Collins (R-ME)
Kevin Cramer (R-ND)
Cindy Hyde-Smith (R-MS)
Jim Justice (R-WV)
Roger Marshall (R-KS)
Shelley Moore Capito (R-WV)
Jerry Moran (R-KS)
Lisa Murkowski (R-AK)
Mike Rounds (R-SD)
Thom Tillis (R-NC)
Pete Ricketts (R-NE)
“Affordable housing is needed in Indiana and across the country. The Affordable Housing Credit Improvement Act will leverage private sector investment to increase the stock of affordable housing in both urban and rural communities. As a result, this will help to tackle the housing affordability crisis head-on to help Hoosier families, expand our workforce, and strengthen our communities,” said Senator Young.
“Housing inflation is up 4% over the past year nationally and 4.5% in the Pacific Northwest – and that was before homebuilders reported an additional 5.5% increase in costs due to tariffs this year. We need to do more to lower housing costs for everyone. Expanding and improving the Low-Income Housing Tax Credit will do just that by making it more affordable to build homes and lower rents,” said Senator Cantwell.
While the entire AHCIA will not be included in the tax bill pending in the House and Senate, we and our Hill champions are lobbying hard to include the resource provisions of the bill in the reconciliation package. Doing so could net as many as 1.6 million new affordable homes over the next decade.
The Affordable Housing Credit Improvement Act, HR 2725, was recently introduced in the House by Representatives Darin LaHood (R-IL-16), Suzan DelBene (D-WA-01), Claudia Tenney (R-NY-24), Don Beyer (D-VA-08), Randy Feenstra (R-IA-04), and Jimmy Panetta (D-CA-19). As of today, the bill has 130 bipartisan cosponsors in the House.
We need to continue to build support for both the House and Senate bills as competition for inclusion in the reconciliation tax bill is fierce. If you do not see your Member of Congress or Senator on the bills, please reach out to them and their staff and ask them to be an affordable housing champion and cosponsor the legislation.
Please let us know how we might assist you in these efforts and thank you for your continued advocacy and support.