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A bipartisan effort led by Senators and Representatives alike proposes a new plan to help solve America’s widespread lack of access to homeownership.
The Affordable Housing Credit Improvement Act of 2019, also known as the Low Income Housing Tax Credit, would expand and strengthen the Affordable Housing Tax Credit. Senator Maria Cantwell introduced the bill on the Senate floor last week, urging fellow-legislators to act in this issue.
“We know that this challenge of moving forward on affordable housing is something that is a bipartisan issue,” Cantwell, one of the bill’s sponsors, said. “The tax credit has had bipartisan support for many years in the United States Congress. We just need to put the pedal to the metal and provide more of the tax credit so we can get more affordable housing built in the United States of America.”
If passed, the bill will create an estimated 1.9 million additional affordable units over the next decade and increase the amount of Low Income Housing Tax Credits allocated to each state by 50%.
Furthermore, this legislation would allow for “recycling” of multifamily housing bonds, which gives individuals the option to reuse tax-exempt bonds — creating 100,000 new units.
This newest housing improvement act is currently waiting to be reviewed by a committee. If passed through committee, the entire Senate or House will review the bill.
How affordable housing crises affects Latino health?
The surging cost of housing and the lack of affordable housing strains the well-being of Latino families.
Lack of affordable housing has substantial implications for many Latinos and dramatically impacts their quality of life.
Not enough attention is given to the impact of the low Latino homeownership rate on America’s ongoing economic recovery, and, in turn, the future of the nation’s housing market and related issues.
According to Harvard University’s Joint Center for Housing Studies, minorities will drive more than three-quarters of the US household growth, including one-third by Latinos. Hence, future homeownership rates depend on whether Latino millennials can afford to buy, as the Latino population and share of the workforce is growing.
Housing shortages are a threat to the economic stability of American families, and the consequences are far-reaching.
Check out more stories on affordable housing and also read our research review on how the state of housing, transportation, and green space affects Latino Health.