Prior to the COVID-19 crisis, nearly 11 million renter households were spending more than half of their income on rent, and now millions more have lost their jobs or had their wages reduced due to the crisis. According to new estimates from the Terner Center, 16 million renter households are at immediate risk from these impacts, many of whom are likely to become housing cost burdened if they were not already. As the affordable housing shortage grows, the Low-Income Housing Tax Credit (Housing Credit) will be needed more than ever.
However, there are several barriers to maintaining and continuing to develop affordable housing that have been brought on by the COVID-19 crisis, including financing shortfalls, construction labor shortages and delays, broken supply chains, and other unforeseen obstacles, all of which put our affordable housing system at risk.
To provide both immediate emergency relief and to assist in the future economic recovery, the AHTCC is advocating for the following policies as part of COVID-19 response legislation: