Senator Hassan Cosponsors Bipartisan Bill to Build More Than 2 Million Affordable Housing Units

WASHINGTON – U.S. Senator Maggie Hassan (D-NH) cosponsored bipartisan legislation to increase investment in affordable housing and strengthen housing opportunities for Granite Staters including veterans, survivors of domestic violence, and those who live in rural communities.

“New Hampshire’s housing shortage undermines families’ ability to thrive and our businesses’ ability to hire the workforce that they need,” said Senator Hassan. “This bipartisan legislation will help create more housing options for Granite Staters, including veterans and survivors of domestic violence, which in turn will strengthen our communities. When people have a place to live, everyone benefits, and I will keep working to address the shortage of workforce housing in our state.”

The bipartisan Affordable Housing Credit Improvement Act would expand the Low-Income Housing Tax Credit (LIHTC), which enables the construction and rehabilitation of affordable rental housing.

Specifically, the bill would:

• Increase the number of credits available to states by 50 percent for the next two years and make permanent the temporary 12.5 percent increase secured in 2018;
• Stabilize financing for workforce housing projects built using private activity bonds by decreasing the amount of private activity bonds needed to secure LIHTC funding;
• Make a number of improvements to the program to better serve veterans, victims of domestic violence, rural Americans, and additional groups.

The bill is part of Senator Hassan’s ongoing efforts to address the housing crisis in New Hampshire. Previously, Senator Hassan and colleagues successfully worked to temporarily expand the low-income housing tax credit by 12.5 percent, and the bipartisan Affordable Housing Credit Improvement Act would further increase the availability of these tax credits. The CARES Act that Senator Hassan helped pass into law brought $11.7 million in additional funding to assist New Hampshire’s vulnerable homeless population and to address other local needs during the COVID-19 pandemic, as well as $3.6 million to support affordable housing for Granite Staters. Senator Hassan also worked to secure funding in the year-end government funding bill to help with the construction of thousands of new rental units and houses. In addition, Senators Hassan and Roy Blunt (R-MO) previously introduced a bipartisan bill to provide tax cuts to middle-class homeowners.

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