Increase in Housing Credit Authority Would Address NJ’s Severe Affordable Housing Shortage
Two members of New Jersey’s U.S. House delegation, Congressman Jeff Van Drew (D-NJ-2) and Congressman Bill Pascrell (D-NJ-9) have co-sponsored The Affordable Housing Credit Improvement Act of 2019 (AHCIA) (H.R. 3077.) If your Representative is not one of these two elected officials, please contact them to urge them to join their colleagues in cosponsoring H.R. 3077.
The theme of the July 2019 Congressional Reception was Opportunity Starts at Home: Building a Necessary and Secure Foundation for Healthy Communities. Congressman Pascrell joined us at the Congressional Reception and he also attended the September 9, 2019 Ribbon Cutting event at the Saddle Brook Senior Housing Development. Monarch Housing served as the development consultant for the project. At both events, Congressman Pascrell voiced his commitment for federal funding to create affordable housing and end homelessness.
This year’s Congressional Reception Federal Policy Priorities were around the following key areas: Housing and Services, Medicaid, Affordable Homes, Fair Housing, and Housing Development.
Under the key Policy Priority of Housing Development, the specific requests to our elected officials invited to the 2019 Congressional Reception include:
Low Income Housing Tax Credit (Housing Credit) – We request that our elected officials expand and improve the Housing Credit to better target resources to households with the greatest needs and to increase the availability of safe and affordable housing. The Housing Credit is responsible through financing for nearly all of the affordable housing built and preserved since the program was authorized through tax reform in 1986.
Both H.R. 3077, and its companion bill in the Senate S. 1703, includes a 50 percent increase in Housing Credit authority. With this increase, the ACTION Campaign estimates 384,500 additional affordable homes could be built over the next ten years. Both bills would also establish a minimum 4 percent Housing Credit rate, which would allow for an estimated 66,000 additional affordable homes to be built over the next ten years. In total, those two provisions alone in the AHCIA would provide for approximately 450,500 additional affordable homes over the next ten years.
The ACTION Campaign’s district fact sheets, which show the impact of the Housing Credit for each congressional district, are updated with the latest available data.
According to the ACTION Campaign’s latest NJ fact sheet, between 1986-2017, the Housing Credit has helped develop or preserved 59,194 homes in New Jersey. These homes serve 137,922 low-income household, supported 66,889 jobs, and generated $2.5 billion in tax revenue. Click here for the updated NJ fact sheet.
The Housing Credit, combined with other key resources, has had a tremendous impact in New Jersey. However, much more affordable housing is still needed to meet the growing demand. In New Jersey, 308,137 renter households pay more than half of their monthly income on rent, leaving too little for other expenses like health care, transportation and nutritious food.
To address our nation’s severe shortage of affordable housing here in NJ, 7,799 additional affordable homes could be built in our state over the next ten years through a 50% increase in Housing Credit allocation authority.
In addition to the NJ Fact Sheet, the district fact sheets are a useful advocacy tool for the Housing Credit, providing the estimated additional affordable homes that could be built over the next ten years in each state through a 50 percent increase in Housing Credit allocation authority, which is a provision of the 2019 House bill (H.R. 3077).
Click here for the fact sheets for each of NJ’s 12 Congressional Districts.
59,194 homes in New Jersey.
The ACTION Campaign represents over 2,200 organizations and businesses working to address our nation’s severe shortage of affordable rental housing by supporting the Low-Income Housing Credit. Monarch Housing Associates is one of the NJ members of the Campaign.
For any questions about finding or using ACTION resources, including the updated district fact sheets, please email firstname.lastname@example.org.