The ACTION Campaign’s state fact sheets, which show the impact of the Housing Credit and the affordable housing needs that still remain in every state, have been updated with data through 2016, the latest data available.
New to the state fact sheets this year is data demonstrating the impact that a 50 percent increase in Housing Credit allocation authority would have in each state. The Cantwell-Hatch Affordable Housing Credit Improvement Act (S. 548), bipartisan legislation to strengthen and expand the Housing Credit, includes a 50 percent increase in allocation authority. According to recent estimates from accounting firm Novogradac & Company, a 50 percent expansion of the Housing Credit would allow more than 264,200 additional affordable homes to be built nationally over the next ten years.
The data on the state fact sheets come from the National Council of State Housing Agencies’ 2016 Factbook, with economic impact multipliers from the National Association of Home Builders and data on cost-burdened renters from the 2016 American Community Survey. The fact sheets also use data from the National Low Income Housing Coalition’s 2016 Out of Reach report, showing how many hours a minimum wage worker has to work in order to afford a modest one-bedroom apartment.
Nationwide, the Housing Credit has financed more than 3 million apartments, providing affordable homes to 7.2 million low-income families and supporting 3.5 million jobs. However, more than 11 million households still pay more than half of their income towards rent, and the average minimum wage worker has to work 90 hours per week in order to afford a modest one-bedroom apartment, further underscoring the immense need to expand the Housing Credit.
The ACTION Campaign’s district fact sheets will be updated with 2016 data in the coming weeks.