by Anna Patterson, Policy Analyst
The Affordable Housing Credit Improvement Act (AHCIA) of 2023 (S. 1557, H.R. 3238) was introduced in both the House and Senate on May 11. Similar versions have been introduced in every Congress dating back to its original introduction in 2016, and all iterations have received strong bipartisan support. To see an overview of the AHCIA of 2023, click here.
Key provisions of the AHCIA of 2023 include:
- Increasing Housing Credit allocations by restoring the 12.5% cap that expired in 2021 and further increasing allocations by 50% over the next two years;
- Lowering the 50% test bond financing threshold to 25%(starting in 2024);
- Giving state Housing Finance Agencies the authority to provide a permanent 50% basis boost for properties serving extremely low-income tenants; and
- Extending state Housing Authorities’ ability to provide 30% basis boosts to 4% tax credit projects, properties in Native American communities, and properties in rural areas.
Why do these provisions matter?
Implementing the AHCIA in its entirety will help to strengthen and expand the Low-Income Housing Tax Credit, the nation’s largest supplier of affordable housing.
When we think about interventions to address the large and growing scale of the housing need, this particular policy intervention would have an enormous impact on the supply side of affordable housing policy interventions. Experts estimate that if this legislation is enacted, it would finance almost 2 million affordable homes over the next 10 years.
Current Sponsors from NC
The bill currently has overwhelming bipartisan support in both the House and Senate. North Carolina congressional co-sponsors include:
- Rep. Richard Hudson (R-NC-9)
- Rep. Kathy Manning (D-NC-6)
- Rep. Patrick McHenry (R-NC-10)
- Rep. David Rouzer (R-NC-7)
Remaining NC Representatives and Senators that still need to sign on to support the AHCIA:
- Sen. Ted Budd (R)
- Sen. Thom Thillis (R)
- Rep. Alma Adams (D-NC-12)
- Rep. Dan Bishop (D-NC-8)
- Rep. Don Davis (D-NC-1)
- Rep. Chuck Edwards (R-NC-11)
- Rep. Valerie Foushee (D-NC-4)
- Rep. Virginia Foxx (R-NC-5)
- Rep. Jeff Jackson (D-NC-14)
- Rep. Greg Murphy (R-NC-3)
- Rep. Wiley Nickel (D-NC-13)
- Rep. Deborah Ross (D-NC-2)
What can you do?
Help us secure additional NC cosponsors of the AHCIA of 2023!
- Sign your organization onto The Action Campaign’s sign-on letter calling for Congress to support the AHCIA of 2023. Signatures are due Monday, May 22 at 5pm ET.
- If you’re unable to sign on by May 22, 2023 – send your own letter!
- Now is the time to call Sen. Thom Tillis, and Sen. Ted Budd to ask them to sign on. If your House member isn’t listed as a current sponsor, give them a call too. You can mention:
- The Low-Income Housing Tax Credit (Housing Credit) produces virtually all new affordable rental housing and is our primary tool in NC for preserving existing affordable rental housing.
- Since its inception, the Housing Tax Credit has created or preserved over 109,359 affordable rental units across NC.
- There is widespread bi-partisan support for the Affordable Housing Credit Improvement Act in the House and Senate. Please sign-on as a co-sponsor, joining NC House members from both parties who support expanding and strengthening the Housing Credit.
