Senators Schumer and Cantwell Call for Housing Credit Expansion

Senator Charles Schumer (D-NY) recently joined Senator Maria Cantwell (D-WA) at a rally calling for an expansion of the Low-Income Housing Tax Credit to address our nation’s shortage of affordable housing. The event followed Senator Cantwell’s announcement last month of her intention to introduce legislation to expand the LIHTC by 50 percent. Senator Cantwell’s proposal would increase Housing Credit allocation authority by 50 percent, financing the development or preservation of approximately 400,000 additional affordable apartments nationwide over the next 10 years. It also contains other changes to make the Housing Credit more streamlined and flexible, including allowing income averaging in Housing Credit properties to enable the program to reach households with a broader range of income levels, and providing states more flexibility in financing developments that target homeless individuals or extremely low-income families.

The senators were joined by New York City Housing Development Corporation President Gary Rodney and New York State Homes and Community Renewal Commissioner and Chief Executive Officer James Rubin. In her press release, Senator Cantwell stated, “Like Washington State, New York and our nation as a whole face serious challenges when it comes to affordable housing and homelessness. The Low Income Housing Tax Credit is a critical tool that communities across the nation can use to address these issues.”

Senator Schumer spoke to the importance of housing to the economy saying, “Access to affordable housing is essential for the health of our families and the economic strength of our communities and that’s why expanding the federal low-income housing tax credit is so important. The key to New York’s continued growth and economic strength is directly tied to the need to expand our pool of affordable housing for young people, for new families and for others—and the federal government, via this tax credit, needs to be a full partner in that effort.”