Affordable Housing News
The Affordable Housing Credit Improvement Act
Broadly supported bipartisan legislation to strengthen and expand the Low-Income Housing Tax Credit
Sep 21, 2023 | Affordable Housing News, Latest News, Legislative News, Newsletter
The Affordable Housing Credit Improvement Act Broadly supported bipartisan legislation to strengthen and expand the Low-Income Housing Tax Credit The bipartisan Affordable Housing Credit Improvement Act (AHCIA), S. 1557 and H.R. 3238, is comprehensive legislation to expand and strengthen the Low-Income Housing Tax Credit (Housing Credit), our nation’s most successful tool for encouraging private investment in the development and preservation of affordable housing.
For nearly 40 years, the Housing Credit has been a model public-private partnership program, bringing to bear privatesector resources, market forces, and state-level administration. The AHCIA has been introduced in the past four congresses, and each time has earned broad bipartisan support. In the 117th Congress, nearly half of all members of Congress — including members from both parties in both chambers — cosponsored the legislation, including 50 percent of Senate Finance Committee members and 77 percent of the House Ways and Means Committee. Over the years, Congress has enacted aspects of the AHCIA, but there is much more to do. Read More
HUD Updates Fair Market Rents; Makes $113 Million Available in Affordable Housing Vouchers
Sep 21, 2023 | Affordable Housing News, Latest News, Newsletter
On August 31, the U.S. Department of Housing and Urban Development (HUD) announced two actions that together will enable more families to rent a healthy, stable home at an affordable cost: publishing Fair Market Rents (FMRs) for Fiscal Year (FY) 2024 and releasing an additional $113 million in Housing Choice Vouchers to public housing agencies to help 9,500 families to meet these growing costs. Fair Market Rents (FMRs) For Fiscal Year (FY) 2024 HUD is required by law to set fair market rents every year, which go into effect on October 1st. FMRs are an estimate of the amount of money that would cover gross rents (rent and utility expenses) on 40 percent of the rental housing units in an area. FMRs are used in several HUD programs, including determining the maximum amount a Housing Choice Voucher will cover. Increases in Fair Market Rents help families find homes of their choosing in competitive housing markets. The national mean increase in FMRs is 12.2 percent; this is on top of an approximately 10 percent increase in FY 2023. Read More
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