Senator Cantwell Pushes for Bipartisan Federal Low-Income Housing Tax Credit Expansion
- Author: Bobby Kub
- Posted: 2024-08-03
In a bid to boost the construction of affordable housing units, U.S. Senator Maria Cantwell from Washington State is spearheading efforts to expand federal legislation that provides tax credits for low-income housing development.
With the potential to create 7,000 additional units in Washington state and over 200,000 units nationwide, this bipartisan initiative aims to address the pressing issue of affordable housing in the United States.
Moving Towards Congressional Action
During a recent visit to Spokane, Senator Cantwell toured local housing projects and urged civic leaders to support two bipartisan measures: the Low-Income Credit Improvement Act (S.1557) and the Affordable Housing Credit Improvement Act (H.R. 3238).
With nearly half of Congress supporting these bills, including both Republicans and Democrats, Senator Cantwell stressed the bipartisan nature of the issue.
The House has already approved a similar housing program that she backed, emphasizing the need for prompt action in the U.S. Senate.
Broadening Support and Partnerships
Acknowledging the cooperation of Republican Senator Todd Young from Indiana, who helped introduce the legislation, Senator Cantwell also recognized the bipartisan sponsorship in the House by U.S. Representatives Darin LaHood from Illinois and Suzan DelBene from Washington state.
This collaborative effort demonstrates the widespread acknowledgement of the necessity to expand the low-income housing tax credit program.
The Impactful Housing Tax Credit
The housing tax credit, operated through public-private partnerships, has proven to be an efficient tool for encouraging private investment in affordable housing over the past four decades. However, there is a growing demand for further action.
The Affordable Housing Credit Improvement Act seeks to increase housing credit allocations, lower private bond financing thresholds, and simplify credit rules.
If enacted, this legislation could finance up to 1.94 million additional affordable homes across the United States and territories in the next decade.
The Importance of Affordable Housing
Senator Cantwell emphasized the critical role of housing in supporting individuals to enter and remain in the workforce, start businesses, create jobs, and build strong communities.
By expanding the tax-credit provisions to incentivize greater private participation, Senator Cantwell hopes to see the construction of over 200,000 new housing units nationwide, including 7,000 additional units in Washington state over the next two years.
This expansion would provide a significant boost to residents, the local economy, and families in need.
Recognizing Local Efforts
During her visit to Spokane, Senator Cantwell recognized the contributions of Catholic Charities of Eastern Washington for its affordable housing and homeless programs.
Their initiatives, including the operation of emergency shelters and residential properties, have made a tangible impact on the community.
Additionally, she commended civic leaders, including former state Commerce director and current Mayor Lisa Brown, for their leadership and support.
Conclusion
Senator Cantwell's bipartisan efforts to expand the federal low-income housing tax credit program hold great promise for addressing the affordable housing crisis.
By leveraging public-private partnerships and increasing private participation, these initiatives can pave the way for the construction of much-needed housing units, benefiting individuals, families, and the economy at large.
