CLYBURN STATEMENT ON INTRODUCTION OF THE RESTORING TAX CREDITS FOR AFFORDABLE HOUSING ACT

WASHINGTON, D.C. – (RealEstateRama) — U.S. House Assistant Democratic Leader James E. Clyburn (SC) today released the following statement after introducing the Restoring Tax Credits for Affordable Housing Act and cosponsoring a package of affordable housing bills.

The Restoring Tax Credits for Affordable Housing Act will restore the 235,000 affordable housing units projected to be lost over the next ten years as a result of the GOP Tax Scam, and the package of bills would dramatically improve access to affordable housing across all income groups.  Specifically, the Restoring Tax Credits for Affordable Housing Act increases the Low-Income Housing Tax Credit (LIHTC) allocation and improves the credit percentage formula to promote affordable housing.

“Just when we thought America’s affordable housing crisis couldn’t get any worse, Republicans picked up their shovels and kept digging.  Their tax scam is projected to cause 235,000 fewer affordable housing units to be built and 262,000 jobs to be lost over the next ten years.  With an existing shortage of more than 7 million units, we simply cannot allow this crisis to go on unabated,” Clyburn said.

“After hearing from hundreds of constituents at an affordable housing town hall in North Charleston last month, I am pleased to introduce the Restoring Tax Credits for Affordable Housing Act and offer my support for this package of bills.  If enacted, they will dramatically increase access to affordable housing across all income brackets, but particularly for extremely-low, low and middle-income families struggling to find and keep a roof over their heads,” Clyburn continued.

“With evictions happening at a rate four times higher than the national average, steady foreclosures, insufficient affordable housing options and wages that have not kept pace with living expenses, far too many South Carolinians are struggling to make ends meet.  Home ownership and safe and secure housing are central to stabilizing and maintaining healthy communities and building family wealth.  I hope my colleagues from both sides of the aisle will join me in addressing America’s affordable housing crisis head on,” Clyburn concluded.

Congresswoman Suzan DelBene (WA-1) said, “In their rush to pass a behemoth tax giveaway for the wealthiest corporations, Republicans made a number of serious missteps that are hurting American families. One of those was weakening the Low Income Housing Tax Credit, a proven incentive that has helped families across the country get access to safe, affordable housing. The Restoring Tax Credits for Affordable Housing Act would remedy that damage, ensuring that families will not lose the opportunity to find stable housing.

“The tragedy is that instead of building on LIHTC like my Access to Affordable Housing Act proposes, the GOP tax bill took us backward. Here in Washington state, we have seen firsthand that housing options are not keeping pace with demand. That’s why I’m grateful to work with Mr. Clyburn on this important effort, and I’ll continue to work on legislation that helps address the housing crisis in our region and in communities across the country,” Congresswoman DelBene concluded.

Assistant Democratic Leader, James E. Clyburn also announced his cosponsorship of the following bills:

• H.R.1146, Equal Opportunity for Residential Representation Act, which creates a new pilot program at the Department of Housing and Urban Development to provide grants for legal and support services to low-income families facing evictions, tenancy or fair housing disputes;
• H.R.1661, the Affordable Housing Credit Improvement Act of 2017, which strengthens the Low-Income Housing Tax Credit by giving      states greater flexibility, making financing more predictable, improving development in rural communities, increasing the ability to serve extremely low-income tenants and supporting the preservation of existing affordable housing;
• H.R.4185, the Access to Affordable Housing Act, which increases the state allocations for the Low-Income Housing Tax Credit;
• H.R.4999, Stopping Abuse and Fraud in Electronic (SAFE) Lending Act, which cracks down on some of the worst abuses of the payday      lending industry to ensure that consumers have control of their own bank accounts and money, increases transparency and prohibits anonymous payday lending; and
• H.Con.Res.74, Affirming the right of all renters to a safe, affordable and decent home, which is a concurrent resolution expressing support for fully funding affordable housing efforts across Federal agencies, strengthening fair housing laws, expanding renters’ rights and affirming that housing is a basic human right.

Click HERE for bill text.