DelBene, Beyer, Majority of House Dems Push Affordable Housing Expansion in Reconciliation Package
Today, Representatives Suzan DelBene (WA-01) and Don Beyer (VA-08) led 111 House Democrats, a majority of the caucus, in urging House leadership to address the nation’s growing affordable housing crisis in the upcoming reconciliation package. In a letter, the lawmakers ask that the bipartisan, bicameral Affordable Housing Credit Improvement Act (H.R. 2573) be included in the legislation.
The bill would help address the affordable housing crisis by building or preserving an estimated 2 million more affordable homes through an expansion of the Low-Income Housing Tax Credit (Housing Credit). This would help achieve the goal that President Biden set out in the American Jobs Plan to build a similar number of affordable housing units.
“Addressing the nationwide affordable housing crisis will take a comprehensive and holistic approach and cannot be solved without vastly increasing the supply of affordable rental homes,” the lawmakers wrote. “The [Housing Credit] benefits low-income communities in every state and benefits urban, rural, and suburban communities alike.”
The Affordable Housing Credit Improvement Act would increase the annual Housing Credit allocation by 50 percent, allow bond resources to be used more efficiently, and help states better serve extremely low-income, rural, and Tribal communities.
The Housing Credit is the country’s most successful affordable housing program. Since its creation more than 35 years ago, it has built or rehabilitated more than 3.5 million affordable housing units – nearly 90 percent of all federally-funded affordable housing during that time. Roughly eight million American households have benefitted from the credit, and its activity has supported 5.5 million jobs and generated more than $617 billion in wages.
DelBene and Beyer both serve on the House Ways & Means Committee with jurisdiction over tax and economic policy.
The full letter can be found here.