Bipartisan legislation offered by U.S. Rep. Darin LaHood (R-IL) to support the construction of nearly two million new affordable homes over the next decade now has 161 cosponsors as of Aug. 22.
The Affordable Housing Credit Improvement Act of 2023, H.R. 3238, which Rep. LaHood sponsored on May 11 alongside lead original cosponsor U.S. Rep. Suzan DelBene (D-WA), would revise provisions of the Low-Income Housing Tax Credit and rename it as the Affordable Housing Tax Credit. The bill maintains strong bipartisan support with 80 Republicans and 81 Democrats.
“Securing support from over one-third of the U.S. House of Representatives on the Affordable Housing Credit Improvement Act is an important step towards improving affordable housing opportunities across the United States,” Rep. LaHood said on Monday.
The identical U.S. Senate bill, S. 1557, has 27 cosponsors, with 14 Republicans, 12 Democrats, and one Independent. U.S. Sens. Todd Young (R-IN) and Maria Cantwell (D-WA) also introduced the Senate’s version on May 11.
“As I travel throughout communities in the 16th District of Illinois, I frequently hear about the affordable housing crisis, especially in our rural areas,” said Rep. LaHood. “This bipartisan bill will modernize the Low-Income Housing Tax Credit and help expand our housing supply, strengthening communities and supporting economic development in Illinois and across the county.”
If enacted, the bill would support the financing of more affordable housing by expanding and strengthening the Low-Income Housing Tax Credit, the nation’s most successful affordable housing program, according to a bill summary provided by Rep. LaHood’s staff.
Specifically, the bill would support the financing of nearly two million new affordable homes by increasing the amount of credits allocated to each state; increasing the number of affordable housing projects that can be built using private activity bonds; and improving the Housing Credit program to better serve at-risk and underserved communities, the summary says.
The proposed bill is under consideration in the U.S. House Ways and Means Committee and in the U.S. Senate Finance Committee.
In addition to the many members of Congress who support the bill, it also has been endorsed by the Steering Committee of the ACTION Campaign, a coalition of over 2,400 national, state, and local organizations and businesses.