King Cosponsors Bipartisan Legislation to Address Affordable Housing Shortages

June 08, 2023
WASHINGTON, D.C.– As familiesacross Mainestruggle with a lack of affordable housing, U.S. Senator Angus King is cosponsoring bipartisan legislation to create nearly two million new affordable homes across the country – including thousands in Maine. TheAffordable Housing Credit Improvement Actwould expand the Low-Income Housing Tax Credit (LIHTC) to provide more homes for low-income people, support small businesses trying to attract workers, and fill the state’s gap of more than 20,000 affordable housing units. The LIHTC provides tax credits to state and local agencies to acquire, rehabilitate, or construct rental housing and make it available to lower-income applicants. Eight million American households have benefited from the credit, and 5.5 million jobs have been created in the building or restoring of 3.5 million units.
Maine isexperiencing a shortageof affordable housing, with only 51 homes for every 100 renters that have extremely low incomes (ELI). Fifty-eight percent of the state’s ELI renters spend more than half of their incomes on rent. Maine small businessesfrequently citethe affordable housing gap as one of the biggest hurdles to find employees.
“There’s one law that Congress can’t repeal: the law of supply and demand. With Maine people struggling to find places to live that fit their budget, it’s clear we need to quickly expand the supply of affordable housing,”said Senator King.“TheAffordable Housing Credit Improvement Actwould build on the success of the Low-Income Housing Tax Credit to create millions of new affordable housing units in the communities that need them the most. It’s a bipartisan, commonsense effort to help families find housing that fits their budget. The bill is an important step to address the housing shortages facing the country and I hope we can get it passed quickly for the benefit of families, small businesses, and entire communities.”
“We are delighted that Senator King is supporting theAffordable Housing Credit Improvement Act. By expanding and improving the Low Income Housing Tax Credit, a proven and critical resource for the creation of affordable housing, this bill will help Avesta Housing and the State of Maine produce thousands of safe, quality affordable homes that could not otherwise be built,”said Rebecca Hatfield, President & CEO of Avesta Housing.“During a time of unprecedented demand, we are hopeful that bipartisan support of this important bill will result in its speedy passage.”
TheAffordable Housing Credit Improvement Actwould provide Maine thousands of new housing units, leading to an estimated 2,300 more jobs and generating over $256 million in wages. It would:
A summary of the legislation can be foundhere. The text of the legislation can be foundhere.
Senator King has long been committed to ensuring Maine people across the state can access affordable, safe housing. Last year, heintroduced a bipartisan billto help students who are currently homeless access affordable housing while pursuing their education, andhas workedto expand affordable workforce housing on Mount Desert Island.