ACTION Campaign Submits Comments to Senate Finance Committee in Response to Hearing on Affordable Housing

Yesterday, the ACTION Campaign submitted a statement for the record to the Senate Finance Committee in response to the August 1 hearing on “America’s Affordable Housing Crisis: Challenges and Solutions.” The Affordable Housing Credit Improvement Act (S. 548) featured prominently in the discussion and several witnesses and Committee members from both sides of the aisle made positive comments about the need to strengthen and expand the Housing Credit.

In our comments, we applaud Chairman Hatch and Senator Cantwell for introducing S. 548 and organizing the hearing on affordable housing, and we thank the several other Committee members who have signed on as co-sponsors of S. 548 and expressed support for strengthening and expanding the Housing Credit. We also urge all remaining Senate Finance Committee members to support the Affordable Housing Credit Improvement Act because of its proven ability to revitalize communities, preserve existing investments in affordable housing and meet the growing need for affordable housing across the country, a need that was reiterated extensively throughout the hearing.

We urge the Senate Finance Committee to advance the Affordable Housing Credit Improvement Act this year and protect both the Housing Credit and multifamily Housing Bonds—a central component of the Housing Credit program—as part of any tax reform effort considered by Congress.