BUILD AND PRESERVE NEW AND EXISTING AFFORDABLE HOUSING UNITS

In a devastating blow to American families in need, housing was omitted from the Inflation Reduction Act and the Bipartisan Infrastructure Law. The lack of investment in affordable housing directly contributes to the nation’s growing affordable housing shortage. NAHRO members work hard to house low-income families in their communities; rising rents, tight rental markets, and a lack of housing supply make this hard work even more difficult. Significant investments in new construction and preservation are needed now to meet increasing demand. Common sense changes to the LIHTC program can make it even more effective. Streamlining cumbersome federal regulations and requirements will help agencies develop and preserve affordable housing efficiently and cost effectively, while investment will support necessary resiliency for the future.

• Provide at least $70 billion in funding to fill the Public Housing Capital Fund backlog.
• Fully fund the Public Housing Capital and Operating Funds annually.
• Maximize existing housing preservation and increase the housing supply by making repositioning options (RAD, Section 18, Voluntary Conversion) available to all PHAs that voluntarily want to use them.
• Strengthen the Low-Income Housing Tax Credit (LIHTC) by increasing the allocation by 50 percent promoting bonds for public housing preservation, and excluding those bonds from the overall cap.
• Ensure that any new affordable housing development and community redevelopment consider equity and inclusion in its design through workable processes.
• Fund climate resilient approaches to development and finance.