Senators Young and Wyden Introduce Legislation to Protect Affordable Housing

Statement

Today, U.S. Senators Todd Young (R-Ind.) and Ron Wyden (D-Ore.), joined by Representatives Joe Neguse (D-Colo.), Don Beyer (D-Va.), Jackie Walorski (R-Ind.), introduced 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.

"I recently helped introduce legislation that will strengthen the Low-Income Housing Tax Credit (LIHTC), which empowers the private sector to increase the supply of affordable housing. Today we are taking an additional step to strengthen this program," said Senator Young. "I look forward to working with all stakeholders to provide more safe and affordable housing options for Hoosiers."

"The lack of affordable housing is at crisis levels in communities all over America. At a time when we desperately need to build new affordable housing, we're losing thousands of units per year to this loophole," said Senator Wyden. "Saving existing affordable housing units is essential to any effort to address our housing crisis. This is a no-brainer."

"The Low Income Housing Tax Credit has proven to be a critical tool for spurring investment in affordable rental housing and providing stability for low-income Americans, including veterans, seniors, and those with special needs," said Representative Walorski. "By maintaining the availability of affordable rental units, this bipartisan bill will ensure the program continues to give workers and families a better opportunity to achieve the American Dream."

"Across Colorado's 2nd district, securing affordable housing is a critical priority for many of my constituents. As our communities expand and grow, far too many are being priced out of our city limits and are being forced to live farther away from work," said Representative Neguse. "The Save Affordable Housing Act will ensure our commitment to affordable housing are preserved for Americans across the country and I'm proud to lead on this bipartisan effort in the U.S. House."

"The point of Low Income Housing Tax Credit is to build and sustain desperately needed affordable housing for the long term," said Representative 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."