The Affordable Housing Credit Improvement Act (AHCIA) of 2023 was introduced in the Senate and House by bi-partisan groups of Senators and Representatives on May 11, which includes bills that would strengthen and expand the Low Income Housing Tax Credit program. The bipartisan legislation is sponsored by Senators Maria Cantwell (D-WA), Todd Young (R-IN), Ron Wyden (D-OR), and Marsha Blackburn (R-TN), and Representatives Darin LaHood (R-IL), Suzan DelBene (D-WA), Brad Wenstrup (R-OH), Don Beyer (D-VA), Claudia Tenney (R-NY), and Jimmy Panetta (D-CA).

“Congress should move swiftly to enact this critical legislation to address our affordable housing crisis and build strong, vibrant, and equitable communities where everyone has a stable and secure place to call home,” said The ACTION Campaign, on which LeadingAge serves on the steering committee, in a statement.

The bills would:

• provide a 50% increase in Housing Credit allocations, phased in evenly over two years
• lower the Private Activity Bond financing threshold from 50 to 25%
• provide basis boosts for rural developments, Tribal communities, and extremely low income tenants
• provide a state discretionary boost to make certain projects financially feasible
• finance an estimated 1.94 million new affordable homes over the next decade

Read a detailed summary of the bill here, and a LeadingAge-developed fact sheet for The ACTION Campaign to see how the bill would help address the shortage of affordable senior housing.