CONGRESSMAN JOE MORELLE ANNOUNCES LEGISLATION TO EXPAND AND STRENGTHEN AFFORDABLE HOUSING

(Washington, D.C.) – Today, Congressman Joe Morelle announced his co-sponsorship of bipartisan legislation to strengthen access to affordable housing and create nearly 2 million new housing units that will be available to low-income individuals and families.

“Access to a safe, affordable place to call home is a basic and fundamental need of every person and family,” said Congressman Joe Morelle. “The Affordable Housing Credit Improvement Act takes decisive action to address the affordable housing shortage that threatens the economic stability of too many individuals across our community and nation. This bipartisan legislation marks an important step toward strengthening our housing markets and ensure families, seniors, veterans and those with disabilities are given the opportunity to move from surviving to thriving.”

“We are thrilled to have Congressman Morelle’s support for this legislation that will increase the development of affordable housing,” said Emily Cadik, Chief Executive Officer of the Affordable Housing Tax Credit Coalition (AHTCC). “Since the Affordable Housing Credit Improvement Act was first introduced in 2016, the affordable housing crisis has only worsened, and the need to take action on affordable housing is urgent. This important legislation will finance nearly two million homes nationwide at a time when rents are skyrocketing, even in many places once considered affordable.”

“The Housing Credit is a proven tool that has leveraged public resources and private sector investment and oversight to finance nearly all new affordable housing in the country – over 3.7 million affordable homes since inception,” said Ryan Sfreddo, President of the AHTCC Board of Directors and Chief Executive Officer of Red Stone Equity Partners. “The AHCIA will allow us to provide even more affordable homes to working families, seniors, veterans, rural communities, Native Americans and people with disabilities in communities across the country.”

HR 3238, The Affordable Housing Credit Improvement Act would expand and strengthen the Affordable Housing Tax Credit to produce more units of affordable housing and better serve at-risk communities. This legislation is expected to produce or preserve almost 2 million affordable housing units over the next ten years by:

• Increasing Housing Credit allocations to help meet the growing need for affordable housing.
• Allowing states to maximize affordable housing production and preservation.
• Enabling the Housing Credit to better serve hard-to reach communities.
• Codifying protections for veterans and victims of domestic violence.
• Streamlining and simplifying program rules.

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