MBA Mortgage Action Alliance Call to Action Urges Support for Affordable Housing Legislation
The MBA Mortgage Action Alliance issued a Call to Action, urging its members to contact their members of Congress in support of bipartisan, bicameral legislation designed to improve, expand, and create tax credit programs that increase affordable housing supply for renters, homeowners and buyers.
The Affordable Housing Credit Improvement Act (S. 1136 in the Senate and H.R. 2573 in the House) is legislation is designed to expand and strengthen the Low-Income Housing Tax Credit to address the nationwide affordable housing shortage by building more than two million new affordable rental housing units over the next decade and ensuring the program better serves a variety of at-risk and underserved communities.
Additionally, the Neighborhood Homes Investment Act (S. 98 in the Senate and H.R. 2143 in the House provides a tax credit (modeled after the LIHTC program) to rehabilitate blighted single-family homes, revitalize neighborhoods across America, and increase the supply of affordable, entry level homes.
“There is a dire shortage of affordable housing in this country and a record low inventory of homes on the market, thwarting homeownership opportunities and contributing to rising housing costs,” said Bill Killmer, MBA Senior Vice President of Legislative and Political Affairs. “In many communities throughout the country – in both urban and rural areas – this absence of adequate housing stock undermines both neighborhood stability and the opportunity for families to build wealth. The passage of these bills will help increase the number of affordable rental units and expand homeownership opportunities for low-income individuals, working families, seniors, veterans, people with disabilities, and people experiencing homelessness in communities nationwide.”
The 117th Congress is wrapping up business this month. With Congress considering potential year-end “omnibus” budget and tax legislation, MBA said it needs MAA members to help amplify the need to include these bipartisan, bicameral proposals within any package negotiated by the White House and congressional leaders.
For more details, refer to two recent coalition letters:
NHIA Coalition: https://d3dkdvqff0zqx.cloudfront.net/groups/mba/nhia_100_sponsors_pr.pdf.
The ACTION Campaign: https://d3dkdvqff0zqx.cloudfront.net/groups/mba/action-tax-extenders-letter-with-signatories-11.21.2022.pdf.
The MBA Mortgage Action Alliance is a voluntary, non-partisan and free nationwide grassroots lobbying network of real estate finance industry professionals, affiliated with the Mortgage Bankers Association.
MAA is dedicated to strengthening the industry’s voice and lobbying power in Washington, D.C., and state capitals across America. Join MAA to play an active role in how laws and regulations that affect the industry and consumers are created and carried out by lobbying and building relationships with policymakers. It only takes a moment to get started, and you do not have to be a member of MBA to enroll.
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