House and Senate Introduce Bill to Support Affordable Housing Development
The House and Senate have introduced the same bipartisan bill that seeks to improve the Low-Income Housing Tax Credit and allow builders to increase affordable housing production. The Affordable Housing Credit Improvement Act will increase 9% credit allocations generally reserved for new construction by 50%, creating more opportunities for builders and developers to take on affordable housing projects nationwide, the National Association of Home Builders reports.
“NAHB commends the House and Senate for introducing bipartisan legislation that addresses the need to boost housing production to ease the nation’s housing affordability crisis,” said NAHB Chairman Alicia Huey. “The Affordable Housing Credit Improvement Act will finance more than 2 million additional multifamily units over the next decade. And with nearly 11 million renter households severely cost-burdened, there is now more reason than ever to enact this legislation.”