Washington, D.C. – Congresswoman Maggie Goodlander (NH-02) and Congressman Chris Pappas (NH-01) helped to introduce the Affordable Housing Credit Improvement Act, bipartisan legislation to support the financing and development of affordable housing across the country by expanding and strengthening the Low-Income Housing Tax Credit (Housing Credit). Both Goodlander and Pappas are original cosponsors.
“Having a home is a cornerstone of the American Dream. One of my top priorities in Congress is making housing more affordable for hardworking Granite Staters. I am proud to help introduce the Affordable Housing Credit Improvement Act to do just that,” said Representative Goodlander. “Everywhere I go, I hear from families, small businesses, and employers about the housing crisis. In Congress, I will continue looking for every possible path to expand access to affordable housing, eliminate barriers for development, and tackle the housing crisis head-on.”
“New Hampshire continues to face a housing crisis that is impacting our families, small businesses, and economy,” said Congressman Pappas. “These tax credits are helping to get Granite Staters into stable housing and will become even more essential to ensuring its availability given the instability in the economy and higher building costs as a result of tariffs. I’m proud to help reintroduce this legislation and will continue working to expand tools and resources that will bolster New Hampshire’s affordable housing stock.”
“NeighborWorks has been utilizing the Low Income Housing Tax Credit program since our inception over 30 years ago to revitalize neighborhoods and create new affordable housing opportunities. This program has enabled us to build 550 apartments during that time,” said Robert Tourigny, Executive Director of NeighborWorks Southern New Hampshire. “We are hopeful that the Affordable Housing Credit Improvement Act will finally be enacted to increase the amount of federal tax credits available, and make this scarce resource go even further toward building more homes in New Hampshire.”
“The AHCIA represents a critical step forward in addressing the affordable housing crisis our communities face. By enhancing the Low Income Housing Tax Credit program, we can empower developers to create more affordable multifamily housing,” said New Hampshire Housing CEO, Rob Dapice. “This legislation not only provides equitable housing opportunities but also strengthens the economic foundation of our neighborhoods. We hope Congress will support this vital initiative for the well-being of our citizens.”
“New Hampshire has a severe shortage of homes affordable to low and extremely-low-income earners. These are our friends, neighbors, and workers who keep our economy running. The Affordable Housing Credit Improvement Act will directly address this shortage by enabling the construction and preservation of thousands of homes in our state,” said Nick Taylor, Director of Housing Action NH. “Every year, developers seek to build affordable housing through the Low-Income Housing Tax Credit program, yet program limits force many to be denied funding. It makes no sense to turn away the affordable homes we desperately need because of arbitrary federal limits. Thank you to Congresswoman Goodlander and Congressman Pappas for supporting this bipartisan, common-sense legislation.”
Since its creation, the Housing Credit has built or restored more than 3.5 million affordable housing units, nearly 90% of all federally funded affordable housing during that time. Roughly 8 million American households have benefited from the credit, and the economic activity that it generated has supported 5.5 million jobs and generated more than $617 billion in wages.
The Affordable Housing Credit Improvement Act will support the financing of nearly two million new affordable homes across the country by:
- Increasing the number of credits allocated to each state by 50 percent for the next two years and making the temporary 12.5 percent increase secured in 2018 permanent. These credits have already helped build more than 59,000 additional affordable housing units nationwide.
- Increasing the number of affordable housing projects that can be built using private activity bonds. This provision stabilizes financing for workforce housing projects built using private activity bonds by decreasing the amount of private activity needed to secure Housing Credit funding. As a result, projects would have to carry less debt, and more projects would be eligible to receive funding.
- Improving the Housing Credit program to serve at-risk and underserved communities, including veterans, victims of domestic violence, and rural Americans.
The text of the legislation can be found HERE.
Congresswoman Goodlander is a fierce advocate for addressing the housing crisis in New Hampshire. Earlier this year, she hosted a roundtable with leaders in the New Hampshire housing space to hear about the challenges in expanding access to housing in New Hampshire and to discuss new ways for local and congressional partners to work together to tackle this crisis.
