DelBene Joins Clyburn on Introduction of the Restoring Tax Credits For Affordable Housing Act
Today, Congresswoman Suzan DelBene joined U.S. House Assistant Democratic Leader James E. Clyburn (SC) in introducing the Restoring Tax Credits for Affordable Housing Act.
The Restoring Tax Credits for Affordable Housing Act will restore the 235,000 affordable housing units projected to be lost over the next ten years as a result of the GOP Tax Scam, and the package of bills would dramatically improve access to affordable housing across all income groups. Specifically, the Restoring Tax Credits for Affordable Housing Act increases the Low-Income Housing Tax Credit (LIHTC) allocation and improves the credit percentage formula to promote affordable housing.
Congresswoman Suzan DelBene (WA-1) said, “In their rush to pass a behemoth tax giveaway for the wealthiest corporations, Republicans made a number of serious missteps that are hurting American families. One of those was weakening the Low Income Housing Tax Credit, a proven incentive that has helped families across the country get access to safe, affordable housing. The Restoring Tax Credits for Affordable Housing Act would remedy that damage, ensuring that families will not lose the opportunity to find stable housing.
“The tragedy is that instead of building on LIHTC like my Access to Affordable Housing Act proposes, the GOP tax bill took us backward. Here in Washington state, we have seen firsthand that housing options are not keeping pace with demand. That’s why I’m grateful to work with Mr. Clyburn on this important effort, and I’ll continue to work on legislation that helps address the housing crisis in our region and in communities across the country,” Congresswoman DelBene concluded.
“Just when we thought America’s affordable housing crisis couldn’t get any worse, Republicans picked up their shovels and kept digging. Their tax scam is projected to cause 235,000 fewer affordable housing units to be built and 262,000 jobs to be lost over the next ten years. With an existing shortage of more than 7 million units, we simply cannot allow this crisis to go on unabated,” Clyburn said.
“After hearing from hundreds of constituents at an affordable housing town hall in North Charleston last month, I am pleased to introduce the Restoring Tax Credits for Affordable Housing Act and offer my support for this package of bills. If enacted, they will dramatically increase access to affordable housing across all income brackets, but particularly for extremely-low, low and middle-income families struggling to find and keep a roof over their heads,” Clyburn continued.
“With evictions happening at a rate four times higher than the national average, steady foreclosures, insufficient affordable housing options and wages that have not kept pace with living expenses, far too many South Carolinians are struggling to make ends meet. Home ownership and safe and secure housing are central to stabilizing and maintaining healthy communities and building family wealth. I hope my colleagues from both sides of the aisle will join me in addressing America’s affordable housing crisis head on,” Clyburn concluded.
Click HERE for bill text.