Senator Hassan Cosponsors Bipartisan Bill to Build More Than 2 Million Affordable Housing Units
WASHINGTON – U.S. Senator Maggie Hassan (D-NH) cosponsored bipartisan legislation to increase investment in affordable housing and strengthen housing opportunities for Granite Staters including veterans, survivors of domestic violence, and other underserved people. The bill was introduced by Senators Maria Cantwell (D-WA), Todd Young (R-IN), Ron Wyden (D-OR), and Rob Portman (R-OH).
“Too many communities in New Hampshire are facing an affordable housing crunch, which hurts Granite State families, small businesses, and our economy,” said Senator Hassan. “I am glad to join this bipartisan effort to expand the low-income housing tax credit to provide more Granite Staters – including veterans and survivors of domestic violence – with safe and reliable housing that they need. Expanding housing opportunities is a key way to make sure that New Hampshire continues to be a wonderful place to live, grow, and raise a family.”
The bipartisan Affordable Housing Credit Improvement Act of 2021 would expand the Low Income Housing Tax Credit (LIHTC), which enables the construction and rehabilitation of affordable rental housing.
Specifically, the bill would:
- Increase the number of credits available to states by 50 percent for the next two years and make permanent the temporary 12.5 percent increase secured in 2018;
- Stabilize financing for workforce housing projects built using private activity bonds by decreasing the amount of private activity bonds needed to secure LIHTC funding;
- Make a number of improvements to the program to better serve veterans, victims of domestic violence, rural Americans, and additional groups.
A one-pager with more information on the bill is available HERE.
The bill is part of Senator Hassan’s ongoing efforts to support the housing needs of Granite Staters. Previously, Senator Hassan and colleagues successfully worked to temporarily expand the low-income housing tax credit by 12.5%, and the bill that Senator Hassan cosponsored would further increase the availability of these tax credits. The CARES Act that Senator Hassan helped pass into law brought $11.7 million in additional funding to assist New Hampshire’s vulnerable homeless population and to address other local needs during the COVID-19 pandemic, as well as $3.6 million to support affordable housing for Granite Staters.
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