Congressman Joe Neguse’s Save Affordable Housing Proposal Incorporated into Comprehensive Infrastructure Package

The Save Affordable Housing Act protects the affordability commitment by the Low-Income Housing Tax Credit in order to ensure access to affordable housing.

Washington, D.C.— Representative Joe Neguse announced today that his bill, the Save Affordable Housing Act, legislation to protect the 30-year affordability commitment of housing financed by the Low-Income Housing Tax Credit has been included in House Democrats’ comprehensive infrastructure package, the Moving Forward Act. The bipartisan, bicameral Save Affordable Housing Act was introduced one year ago with the goal of preserving America’s commitment to affordable housing. H.R. 2, the Moving Forward Act is being considered in the House this week, with expected passage on Wednesday.

“Across the 2nd district, access to affordable housing is critical and, at times, difficult for many of my constituents. As our communities expand and grow, far too many are being priced out of our city limits and are being forced to live farther away from work,” said Congressman Joe Neguse. “The Save Affordable Housing Act will help ensure commitments to affordable housing are preserved for Americans across the country. I’m proud to have it included in the Moving Forward Act, along with many other critical provisions to invest in affordable housing and fix America’s crumbling infrastructure.”

Currently, properties built with Low Income Housing Tax Credits (“LIHTC”) are required to remain affordable for a minimum of 30-years.Unfortunately, a provision in LIHTC called ‘qualified contracts’– though created with good intent – has come to function as a loophole that allows developers to op-out of that commitment to housing affordability after just 15 years, cutting in half the amount of time our communities can depend on those properties as accessible, affordable housing. Recent analyses indicate that the qualified contract process is resulting in the premature loss of well-over 10,000 low-income units each and every year. As of 2017, approximately 50,000 units nationwide have already been lost.

The Save Affordable Housing Act would prevent the premature loss of affordable housing and ensure that LIHTC properties remain affordable for at least 30 years, as Congress intended, fulfilling the program’s commitment to serve low-income Americans throughout our country.

Congressman Joe Neguse also serves as the Vice Chair of Housing and Transportation for the Majority Leader Task Force on Poverty and Opportunity.