WASHINGTON, D.C. – Today, U.S. Senator Jacky Rosen (D-NV) announced her co-sponsorship of the Affordable Housing Credit Improvement Act (S. 1703), bipartisan legislation that would expand the Low-Income Housing Tax Credit (LIHTC), which would encourage private investment in the production and preservation of affordable rental housing.
“Nevada’s lack of access to affordable housing is an issue that affects far too many in our state,” said Senator Rosen. “This legislation would help expand the availability of affordable housing for Nevadans by increasing the LIHTC to encourage development that better serves low-income families. I will continue working on commonsense solutions to make housing more accessible and affordable for all Nevadans.”
BACKGROUND: This bill increases the LIHTC allocation by 50% over five years, to help meet the growing need for affordable housing. Last Congress, then-Congresswoman Rosen was a co-sponsor of similar legislation in the House.
Earlier this month, Rosen introduced the bipartisan Access to Affordable Housing for Veterans Act (S. 2835) with Senator Pat Roberts (R-KS). The bill would help ensure that veterans are proactively made aware of their VA home loan options, including providing them information about whether or not such an option is more affordable than a conventional loan. This bill would amend the Department of Housing and Urban Development’s (HUD) existing Informed Consumer Choice Disclosure Notice to require information about the VA home loan, side-by-side with information about the Federal Housing Administration (FHA) insured loan and conventional loan options, if the consumer is a veteran. Currently, the Informed Consumer Choice Disclosure Notice that prospective veteran-borrowers receive from lenders does not provide a cost comparison for the VA home loan, which is a unique option for eligible veterans that is often their most affordable choice.