The Affordable Housing Credit Improvement Act of 2019 (AHCIA) was reintroduced in both the Senate (S. 1703) and the House (H.R. 3077) on June 4. AHCIA would make significant strides towards addressing our nation’s severe shortage of affordable housing by expanding and strengthening the Low-Income Housing Tax Credit (Housing Credit), our nation’s most successful tool for encouraging private investment in the production and preservation of affordable rental housing.
The identical Senate and House bills contain more than two dozen provisions that draw on the expertise of many practitioners, developers, and Housing Credit advocates, and have the consensus support of the broad affordable housing industry that the ACTION Campaign represents. The bill has already received wide bipartisan support in Congress, and in particular from members of the House and Senate tax-writing committees. AHCIA would increase Housing Credit authority by 50 percent, taking a meaningful step towards addressing our nation’s vast and growing affordable housing needs. This legislation would also strengthen the Housing Credit by providing states with additional flexibility, making the financing of affordable housing more predictable and streamlined, facilitating Housing Credit development in challenging markets like rural and Native American communities, increasing the Housing Credit’s ability to serve extremely low-income tenants, and supporting the preservation of existing affordable housing. The legislation also contains important provisions that would support development of rental homes using the Housing Credit coupled with multifamily Housing Bonds, which currently provide critical financing to roughly 40 percent of Housing Credit apartments. In total, it is estimated that AHCIA would increase the supply of affordable rental housing by more than half a million units over 10 years.
In these ACTION videos, Sarah Brundage, Senior Director of Public Policy at Enterprise, and Jennifer Schwartz, Director of Tax and Housing Advocacy at the National Council of State Housing Agencies (NCSHA), provide an overview of each of the provisions, explaining the background and what that provision would do. Please watch and share these new ACTION resources!