16th District Congressman Darin LaHood announced Monday that his bipartisan Affordable Housing Credit Improvement Act of 2023, has received the support of over one-third of the U.S. House of Representatives.
The legislation, which would support the construction of nearly two million new affordable homes over the next decade, surpassed 150 cosponsors earlier this month, with a near-even split between Democrats and Republicans. The Senate companion legislation has reached 27 cosponsors, with 14 Republicans and 13 Democrats.
LaHood says the bill will modernize the Low-Income Housing Tax Credit and help expand housing supply and strengthen economic development, especially in rural areas of the country.
The legislation is said to support the financing of nearly 2 million new homes by increasing the amount of credits allocated to each state, increase the amount of homes that can be built using private activity bonds, and make updates to the Low-Income Housing Tax Credit to better serve veterans, victims of domestic violence, formerly homeless students, Native American communities, and rural Americans.
The bill currently is being heard in the House Ways & Means Committee, of which LaHood is a current member. The companion legislation in the Senate is currently in the Senate Finance committee.