Congressman Dan Goldman Fights for Funding for Affordable Housing
Bipartisan ‘Affordable Housing Credit Improvement Act’ Expands and Strengthens the Low-Income Housing Tax Credit
Passage Would Result in Nearly 2 Million Additional Affordable Homes
Bipartisan, Comprehensive Legislation Needed to Adequately Address the Country’s Growing Housing Crisis
Washington, D.C. – Congressman Dan Goldman (NY-10) joined Congresswoman Suzan DelBene (WA-1), in introducing the 'Affordable Housing Credit Improvement Act' (AHCIA) to expand and strengthen the Low-Income Housing Tax Credit and spur collaboration between private-sector resources and state-level government administration to build and rehabilitate millions of affordable homes across the country. The AHCIA would also support the creation of nearly 3 million jobs, $115 billion in additional tax revenue, and $333 billion in wages and business income.
Nearly half of New York City renters are rent-burdened, spending over a third of their income on rent, and nearly a quarter spend over half of their income on rent, placing financial strain on vulnerable families.
“New York City stands at the epicenter of our country’s affordable housing crisis, and we must be doing everything we can to uplift policies like the Low-Income Housing Tax Credit that allow us to support and expand affordable housing in the city,” Congressman Dan Goldman said. “The nationwide housing crisis calls for a reinvigorated effort to ensure that everyone has access to high-quality, stable, and affordable housing. I am proud to join a bipartisan group of colleagues in fighting to lift up working families by passing the Affordable Housing Credit Improvement Act and taking decisive action to address the housing crisis.”
The Affordable Housing Credit Improvement Act would specifically increase Housing Credit allocations by restoring the 12.5 percent cap increase that expired in 2021 and further increasing resources by 50 percent to help meet the vast and growing need for affordable housing. This legislation would also allow states to maximize affordable housing production and preservation by lowering the threshold of Private Activity Bond financing — from 50 to 25 percent — required to trigger the maximum amount of 4 percent Housing Credits available to individual properties.
The AHCIA prioritizes the most vulnerable populations by enabling the Housing Credit to better serve hard-to-reach communities including rural, Native American, high-poverty, and high-cost communities, as well as extremely low-income and formerly homeless tenants, preserving the nation’s existing affordable housing inventory, and codifying protections forveterans and victims of domestic and dating violence.
Congressman Goldman is committed to supporting New York’s working families by ensuring they have access to safe, quality, affordable housing.
As one of his first acts in Congress, Goldman and Congresswoman Nydia Velázquez (NY-07) introduced the Public Housing Emergency Response Act. This bill would allocate $70 billion in funding for capital repairs and upgrades to public housing throughout the country. $32 billion of the allotted aid would be expected to flow directly to the New York City Housing Authority, the nation’s largest Public Housing Authority.
Congressman Goldman is also founding member of the Congressional Renter’s Caucus which will work to expand assistance for all eligible cost-burdened renters, eliminate bureaucratic and discriminatory barriers to accessing affordable housing; and improve the quality, availability, and affordability of our nation’s rental housing stock.
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