Senator Cantwell Takes Action to Boost Low-Income Housing with Federal Tax Credit Expansion

U.S. Senator Maria Cantwell of Washington state is leading the charge when it comes to tackling the shortage of affordable housing in the country.

By pushing for the expansion of federal legislation that provides tax credits for low-income housing, Senator Cantwell hopes to make a significant impact by increasing the construction of affordable housing units.


A Bipartisan Effort

During her visit to Spokane, Senator Cantwell didn't shy away from her mission to gather support from both sides of the aisle.

Highlighting the bipartisan nature of the issue, she emphasized that nearly half of Congress, composed of Republicans and Democrats, sponsors the Low-Income Credit Improvement Act (S.1557) and the Affordable Housing Credit Improvement Act (H.R. 3238).

With the House already onboard, Senator Cantwell urged action in the U.S. Senate to keep the momentum going.


Generating Public-Private Partnerships

Public-private partnerships have long been the backbone of promoting affordable housing.

Recognizing the importance of collaboration, Senator Cantwell commended Republican Senator Todd Young of Indiana for his involvement in introducing the legislation.

Additionally, she acknowledged U.S. Representatives Darin LaHood from Illinois and Suzan DelBene from Washington state for sponsoring companion measures in the House.


The Potential Impact

The current federal low-income housing tax credit program has proven successful in encouraging private investment in affordable housing. However, more needs to be done.

The proposed Affordable Housing Credit Improvement Act holds the potential to not only increase housing credit allocations but also simplify credit rules and lower the threshold for private bond financing.

The summary of the act predicts the financing of up to 1.94 million additional affordable homes across the country and its territories over the next decade.


Fostering Economic Growth and Stability

Affordable housing is the backbone of thriving communities. Senator Cantwell stressed the importance of housing in facilitating workforce participation, local business development, job creation, and community building.

By expanding the tax-credit provisions, Senator Cantwell hopes to construct over 200,000 new housing units nationwide, with 7,000 additional units in Washington state over the next two years.

This increased investment will provide a significant boost to residents, the economy, and families in need.


Recognizing Local Champions

During her visit to Spokane, Senator Cantwell highlighted the efforts of Catholic Charities of Eastern Washington in providing affordable housing and homeless programs.

Their dedication to improving the community resonated with the senator, who also commended other civic leaders, including former state Commerce director and current Mayor Lisa Brown, for their contributions to this important cause.


Conclusion

Senator Cantwell's determination to expand the federal low-income housing tax credit program demonstrates a commitment to making affordable housing accessible to all.

By garnering bipartisan support, fostering public-private partnerships, and promoting economic growth, her efforts have the potential to transform communities across the United States.