Office of Sen. Marshall
WASHINTON, D.C. — No matter the region of the state or the size of the community, one of the most common challenges I hear is a lack of affordable housing.
I am proud to support the Affordable Housing Credit Improvement Act, which would create more housing options for hard-working families and workers by expanding and strengthening the Low-Income Housing Tax Credit, our country’s most successful affordable housing program.
The Housing Credit has proven invaluable in helping create millions of affordable housing units across the U.S.
In Kansas, the tax credit has funded the construction of 33,866 housing units. That means more Kansans have been able to secure housing, communities have welcomed new residents and employers have strengthened their workforce.
Nearly every community in Kansas struggles to meet the needs for affordable housing. The Affordable Housing Credit Improvement Act brings together public and private investment to deliver must-needed housing in communities of all sizes. This legislation will help more Kansans achieve their dreams of home ownership.
The Affordable Housing Credit Improvement Act would:
> Increase the number of credits available to states by 50 percent for the next two years and make the temporary 12.5 percent increase secured in 2018 permanent—which has already helped build more than 59,000 additional affordable housing units nationwide.
> Stabilize financing for workforce housing projects built using private activity bonds by decreasing the amount of private activity bonds needed to secure Housing Credit funding. As a result, projects would have to carry less debt, and more projects would be eligible to receive funding.
> Improve the Housing Credit program to better serve veterans, victims of domestic violence, formerly homeless students, Native American communities, and rural Americans.
Full text of the legislation can be found HERE.