A broad coalition of senior living industry advocates and other housing-related groups is calling on Congress and the White House to expand the supply of affordable housing while lowering costs for providers.
The American Seniors Housing Association, Argentum and Nareit were among the 23 signers of an April 29 letter outlining several policy recommendations to improve housing equity and opportunity. Increased housing costs driven by a lack of supply are creating barriers to housing development, particularly for low- and middle-income housing, according to the group.
The policy recommendations focus on incentivizing new housing production and preservation, and they include a combination of programs, streamlined regulations and ideas to address housing affordability.
The coalition supports several legislative proposals, including the Affordable Housing Credit Improvement Act, which would expand and strengthen the Low-Income Housing Tax Credit program. The LIHTC program encourages private investments in the production and preservation of affordable rental housing and would finance the construction of almost 2 million affordable homes over the next decade.
The group also supports incentives to convert underused commercial properties, including offices, hotels and retail space, into affordable housing, and providing tax credits to developers.
Although the coalition said it is ready to help meet the increasing need for affordable housing, it said that successful initiatives will require strong public-private partnerships. Policies that shift the financial burden onto housing providers, the coalition cautioned, not only would exacerbate the lack of available and affordable housing; it also would stall new housing development and cause existing housing providers to leave the market.
“Policymakers at every level of government have a role to play in removing obstacles to housing production and preservation, and in addressing the housing affordability challenges that have faced this country for decades,” the letter reads.
