More than 1,300 organizations, with representatives from every state in the country, have come together to sign a letter calling on Congress to raise the cap on Low-Income Housing Tax Credit (Housing Credit) allocation authority by at least 50 percent. These organizations are or represent affordable housing providers, state and local housing agencies, nonprofits, businesses involved in affordable housing, elected officials and others committed to providing affordable housing help to those who need it. They have signed this statement, created by ACTION, to urge Congress to address our nation’s severe shortage of affordable rental housing by expanding the Housing Credit.
We are pleased to report that today Senator Cantwell is also announcing in her home state of Washington her plan to soon introduce legislation calling for a 50 percent increase in Housing Credit authority and other changes to strengthen the Credit program. She has also released an accompanying report on the Housing Credit's impact around the U.S. and in Washington. We hope all of her Senate colleagues will join her in this effort and that the House will follow suit with similar legislation.
When Congress last raised the Housing Credit cap in 2000, huge bipartisan majorities of the Senate and House cosponsored the legislation proposing the increase. We urge Congress to once again strongly embrace legislation to extend the reach of this essential program.