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Kaine co-sponsors bill to expand affordable housing in Virginia

tim kaineU.S. Senator Tim Kaine joined his colleagues Senator Maria Cantwell (D-WA) and Senate Finance Committee Chairman Orrin Hatch (R-UT) to co-sponsor the Affordable Housing Credit Improvement Act of 2017, a bill that would boost affordable housing options for low-income families in Virginia.

The comprehensive bill would expand and reform the Low-Income Housing Tax Credit to encourage developers to increase the supply of affordable housing. Currently, Virginia has a shortage of 165,000 units of affordable housing for extremely low-income renters. Over 70 percent of extremely low-income renters spend more than half their income on rent in Virginia. The Affordable Housing Credit Improvement Act would create or preserve 1.3 million affordable homes nationally over 10 years, an increase of 400,000 over what is feasible under the current program.

“This bill marks an important step toward addressing Virginia’s affordable housing needs, Kaine said. “By expanding and updating the low-income housing tax credit, we can attract additional development and ensure that hardworking Virginians have access to quality, affordable housing for their families.”

The legislation would expand the Housing Credit by 50 percent, provide flexibility to make the financing of affordable housing more predictable and streamlined, facilitate Housing Credit development in challenging markets like rural and Native American communities, increase the Housing Credit’s ability to serve extremely low-income tenants, and support the preservation of existing affordable housing.

More than 2,000 organizations from all fifty states signed on to an ACTION Campaign letter in strong support of this legislation. In Virginia that includes:

·         Albermarle Housing Improvement Program

         

·         Alexandria Housing Development Corporation

·         Alexandria Office of Housing

·         Alexandria Redevelopment and Housing Authority

·         Arlington Partnership for Affordable Housing

·         Canterbury Enterprises

·         Chesapeake RHA

·         City of Danville

·         Emory and Henry College

·         The Greater Fredericksburg Habitat for Humanity

·         Habitat for Humanity of Greater Charlottesville

·         Habitat for Humanity of Northern Virginia

·         Hampton Redevelopment and Housing Authority

·         Hanover Habitat for Humanity

·         Harrisonburg Redevelopment and Housing Authority

·         Hopewell Redevelopment and Housing Authority

·         Newport News Redevelopment & Housing Authority

·         Norfolk Redevelopment and Housing Authority

·         Northern Virginia Affordable Housing Alliance Office of Housing, Alexandria

·         Restoration of Petersburg Community Dev. Corp.

·         Richmond Metropolitan Habitat for Humanity

·         Virginia Assoc. of Housing and Community Development

·         Virginia Housing Alliance

·         Virginia Housing Coalition

·         Virginia Housing Development Authority

·         Virginia Wesley Housing Development Corp. of Northern Virginia

·         Wytheville Redevelopment and Housing Authority

 
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