Senator’s Affordable Housing Credit Improvement Act strengthens the Low Income Housing Tax Credit to fuel investment in affordable housing
WASHINGTON – Arizona senior Senator Kyrsten Sinema cosponsored the Affordable Housing Credit Improvement Act—bipartisan legislation that strengthens the Low Income Housing Tax Credit (LIHTC) to fuel investment in affordable housing for Arizona communities.
“Fueling investment in affordable housing expands Arizonans’ housing options and allows families to better plan for the future,” said Sinema.
Affordable Housing Credit Improvement Act strengthens the LIHTC to encourage development and better serve underserved populations, including veterans, victims of domestic violence, formerly homeless students, Native American communities, and rural Arizonans. Collectively, these improvements would help build an estimated two million new affordable housing units over the next 10 years.
LIHTCs help support 58,000 jobs a year and serves 121,000 low-income Arizona households. Arizona still has a significant need in rural and tribal areas for affordable housing, and a growing need for seniors who are experiencing higher rates of poverty and homelessness—which has only been exacerbated by the coronavirus pandemic.
Sinema cosponsored this bipartisan legislation in the 116th Congress and while serving in the U.S. House.
Sinema worked closely with Senators Lisa Murkowski (R-Alaska) and Joe Manchin (D-W.Va.) on developing the bipartisan Emergency Family Stabilization Act and successfully getting a version of the bill implemented as part of the latest coronavirus-relief package, the American Rescue Plan. Sinema’s bipartisan legislation created an $800 million fund to increase resources and housing for Arizona children and youth experiencing homelessness. In April, Sinema and a bipartisan group of Senators wrote to the U.S. Department of Education to ensure the administration properly implements the Emergency Family Stabilization Funds, which provide critical support for Arizona families and children experiencing homelessness.