Today, U.S. Rep. Donald S. Beyer Jr. (D-VA), who represents Falls Church, joined Rep. Joe Neguse (D-CO), Rep. Jackie Walorski (R-IN) and Sen. Ron Wyden (D-OR) and Todd Young (R-IN), to introduce bipartisan bicameral legislation to protect the 30-year affordability commitment of housing financed by the Low-Income Housing Tax Credit (Housing Credit).
Currently, housing credit properties are subject to a minimum 30-year affordability period. As the law currently stands, owners are permitted to pursue a Qualified Contract, which most often results in the ability for properties to convert to market rate after just 15 years. The Save Affordable Housing Act would prevent the premature loss of affordable housing and ensure that Housing Credit properties remains affordable for at least 30 years, as Congress intended, thereby fulfilling the program’s commitment to serve low-income Americans.
“The point of Low Income Housing Tax Credit is to build and sustain desperately needed affordable housing for the long term,” said Rep. Beyer. “The Save Affordable Housing Act would ensure that the credits do just that, and I hope that we will see this legislation advance soon.”
“The National Council of State Housing Agencies commends this move,,” said Stockton Williams, Executive Director of the National Council of State Housing Agencies. “Our country is faced with a severe shortage of affordable housing, and we cannot allow developments that have received federal resources, and in exchange pledged to remain affordable for at least 30 years, to be lost before the end of their commitments.”