The Affordable Housing Tax Credit Coalition The Affordable Housing Tax Credit Coalition
  • ABOUT
    • About the AHTCC
    • AHTCC Leadership
      • Board of Directors
      • Staff
    • AHTCC Members
    • Contact Us
  • HOUSING CREDIT
    • About the Housing Credit
    • How It Works
    • Impact
      • Native Americans
      • Veterans
    • Resident Stories
    • Finding Housing
  • ADVOCACY
    • Advocate Today
    • AHCIA
    • Regulatory Issues
    • AHTCC Priorities
  • GALLERY
  • EVENTS
  • AWARDS
    • Charles L. Edson Tax Credit Excellence Awards
    • Affordable Housing Champion Award
    • David Reznick Lifetime Achievement Award
  • NEWS
  • JOIN
The Affordable Housing Tax Credit Coalition The Affordable Housing Tax Credit Coalition
  • ABOUT
    • About the AHTCC
    • AHTCC Leadership
      • Board of Directors
      • Staff
    • AHTCC Members
    • Contact Us
  • HOUSING CREDIT
    • About the Housing Credit
    • How It Works
    • Impact
      • Native Americans
      • Veterans
    • Resident Stories
    • Finding Housing
  • ADVOCACY
    • Advocate Today
    • AHCIA
    • Regulatory Issues
    • AHTCC Priorities
  • GALLERY
  • EVENTS
  • AWARDS
    • Charles L. Edson Tax Credit Excellence Awards
    • Affordable Housing Champion Award
    • David Reznick Lifetime Achievement Award
  • NEWS
  • JOIN
Jun 23

Harvard’s State of the Nation’s Housing Report Points to Growing Rental Housing Crisis

  • June 23, 2016
  • 2016 News, Housing Credit

By Anthony J. Alfieri

Harvard’s Joint Center for Housing Studies released its annual State of the Nation’s Housing report on Wednesday, June 22, 2016 – offering a striking analysis of how our national affordable rental housing crisis continues to deepen, putting families and local economies at risk.

The report found that a record 21.3 million renters spend more than 30 percent of their income on housing, while 11.4 million renters spend more than half of their income on housing.

The findings point to the need to protect and strengthen the proven tools we have to create affordable rental housing—now more than ever.

As the report notes, the Low-Income Housing Tax Credit (Housing Credit) continues to be the primary tool for creating and preserving affordable rental housing nationwide. Nearly all affordable rental homes developed each year in the United States rely on the Housing Credit, which has financed nearly 3 million apartments since its creation in 1986 and provided roughly 6.5 million low-income households with homes they can afford.

The Housing Credit is a driver of economic progress as well, helping to support 96,000 jobs and bringing $3.5 billion in taxes and other revenues to local economies each year.

Recognizing the need to strengthen this essential community development tool, Senators Maria Cantwell (D-WA) and Orrin Hatch (R-UT) introduced the Affordable Housing Credit Improvement Act of 2016 last month. The act would phase in a 50 percent increase to Housing Credit allocations over ten years. More specifically, the bill – which was endorsed by the Bipartisan Policy Center – would help create or preserve 400,000 more affordable homes than would be possible under the current program.

The latest numbers from Harvard demonstrate that our nation’s rental housing crisis isn’t going to go away by itself. Governments, businesses and nonprofit organizations must work together to reverse this trend. Senators on both sides of the aisle should support The Affordable Housing Credit Improvement Act of 2016 as a positive step toward creating more quality, affordable rental homes to make a dent in the growing need.

Anthony J. Alfieri is President, Affordable Housing Tax Credit Coalition, and Managing Director, RBC Capital Markets

 

  • Facebook
  • Twitter
  • Tumblr
  • Pinterest
  • Google+
  • LinkedIn
  • E-Mail

Related Posts

  • The Hill: Housing Credit Advocates Should Embrace Tax ReformFebruary 27, 2017
  • 2017 AHTCC Annual Meeting: Register Now!December 19, 2016
  • Six Down, 94 to GoJuly 5, 2016
  • New Research: Balancing Priorities in State Low-Income Housing Tax Credit Allocation PoliciesJune 14, 2016

Comments are closed.

NEWS BY TOPIC

  • Advocacy Resources
  • Affordable Housing Credit Improvement Act (AHCIA)
  • AHTCC Meetings and Events
  • AHTCC Organizational Update
  • Build Back Better
  • Charles L. Edson Tax Credit Excellence Awards
  • Community Reinvestment Act (CRA)
  • COVID-19 Response
  • Housing Credit
  • News by Year
    • 2014 News
    • 2015 News
    • 2016 News
    • 2017 News
    • 2018 News
    • 2019 News
    • 2020 News
    • 2021 News
    • 2022 News
    • 2023 News
  • Regulatory Issues

The Affordable Housing Tax Credit Coalition is a trade organization of housing professionals who advocate in support of the Low-Income Housing Tax Credit

LATEST NEWS FROM AHTCC

  • White House Fiscal Year 2024 Budget Proposal Calls for Additional $28 Billion Investment in Housing Credit, Including Enactment of AHTCC’s Top Production Priorities
  • Housing Credit Raised as Primary Focus in Senate Finance Committee Hearing

AHTCC ON TWITTER

Retweet on Twitter AHTCC Retweeted
23 Mar 1638906443658301443

Looking forward to sharing #housing industry insight alongside @EmilyCadik, Bryan Greene of @nardotrealtor, and Steve O’Connor of @MBAMortgage on Monday, March 27 @NCSHAhome #LegCon23.

Register ...now to join us: https://www.ncsha.org/event/2023-legislative-conference/

Load More...

CONTACT

1900 M Street NW, 3rd Floor
Washington, DC 20036
202-935-0977
info@taxcreditcoalition.org

JOIN AHTCC

FIND HOUSING

© 2020 The Affordable Housing Tax Credit Coalition