Fifty Percent Increase in Housing Credit Allocation Authority Would Allow Creation of Over 7,000 new affordable homes in NJ
Over one-third of the House has signed on to support the Affordable Housing Credit Improvement Act (H.R. 1661.) This bipartisan legislation would make significant strides towards addressing our nation’s severe shortage of affordable rental housing by strengthening the Low-Income Housing Tax Credit (Housing Credit).
If yes, please contact your U.S. Representative today and urge him or her to sign on to H.R. 1661 as a co-sponsor. Click here to contact your Representative.
Tell your U.S. Representative that we need to strengthen the Housing Credit to help solve New Jersey’s affordable housing crisis.The Housing Credit has a tremendous impact in New Jersey. The ACTION Campaign lays out this impact in a recently updated New Jersey fact sheet.
Between the years 1986 and 2016, the Low-Income Housing Tax Credit’s benefits for New Jersey’s Families and Economy include:
56,175 homes developed or preserved
130,887 low-income households provided affordable homes
63,477 jobs supported for one year
$2.38 billion tax revenue generated$6.05 billion local income generated
Though the Housing Credit has had a tremendous impact in New Jersey, much more affordable housing is still needed to meet the growing demand.
317,805 households pay more than half of their monthly income on rent, leaving too little for other expenses like health care, transportation and nutritious food.
A minimum wage worker has to work 105 hours per week in order to afford a modest one-bedroom apartment.
The ACTION Campaign is a coalition of over 2,100 national, state, and local organizations and businesses – including Monarch Housing – working to address our nation’s severe shortage of affordable rental housing by protecting, expanding and strengthening the Low-Income Housing Tax Credit.