Prosperity Indiana is pleased to lend our support to key initiatives introduced/re-introduced by Senator Todd Young (R-Ind.) this month. Bill details are listed below:
AFFORDABLE HOUSING CREDIT IMPROVEMENT ACT
On June 4, Senator Young was announced as a co-author of S. 1703, the Affordable Housing Credit Improvement Act of 2019. This bill will help expand the supply affordable housing for low-income Hoosiers! Below are key highlights of the impact in Indiana:
The bill would produce roughly 1.9 million new affordable housing units over the next decade, an increase of over 550,000 more units than would be built without the legislation. The bill increases the total number of affordable housing units built by:
Increasing the amount of credits allocated to each state by 50% over current levels, resulting in the production of more than 384,000 more affordable homes in the next 10 years than would otherwise be created.
Stabilizing the value of the 4% Affordable Housing Tax Credit – which is used for new construction that uses additional subsidies or the acquisition cost of existing buildings. This will create more certainty for ongoing and new projects and increase affordable housing production by more than 66,000 units.
Expanding and reforming “recycling” of multifamily housing bonds, allowing states to maximize the available resources of private activity bonds by recycling multifamily bonds for affordable housing, resulting in 100,000 additional affordable housing units.
TASK FORCE ON THE IMPACT OF THE AFFORDABLE HOUSING CRISIS ACT
On June 11, Senator Young along with 15 bipartisan senators, reintroduced the Task Force on the Impact of the Affordable Housing Crisis Act (S. 1772) on June 11. The bill would create a bipartisan affordable housing task force to better understand and respond to America’s housing affordability crisis.
This bipartisan task force would:
- Evaluate and quantify the impact the lack of affordable housing has on other sectors, including education, health, nutrition, transportation, and more.
- Evaluate and quantify the costs incurred by other federal, state, and local programs due to the lack of affordable housing; and
- Make recommendations to Congress on how to use affordable housing to improve the effectiveness of other federal programs and improve life outcomes.
HUD MANUFACTURED HOUSING MODERNIZATION ACT OF 2019
Additionally, on June 12, Sen. Young joined Senators Catherine Cortez Masto (D-Nev.), Tim Scott (R-S.C.), Tina Smith (D-Minn.), and Kevin Cramer (R-N.D.) in introducing the HUD Manufactured Housing Modernization Act of 2019 to ensure that the Department of Housing and Urban Development (HUD) supports state and local governments that wish to include manufactured housing as an affordable housing solution when applying for federal funding.