Statement of Support from Low Income Investment Fund on House Amendment to the 21st Century ROAD to Housing Act
The Low Income Investment Fund (LIIF) proudly supports the 21st Century ROAD to Housing Act, a critical step forward in addressing our nation’s growing housing crisis. As a national community development financial institution (CDFI) dedicated to creating opportunity and ensuring both new production and preservation of affordable rental housing, LIIF has long recognized that safe, stable and affordable housing is the foundation for thriving families and communities. This bill reflects the kind of pragmatic policymaking needed to address the nation’s housing supply challenges at scale.
The House bill includes many of LIIF’s key housing policy priorities, including a proposal to lift the public welfare investment (PWI) cap from 15 percent to 20 percent, which could unlock billions of dollars in additional investment in tax credits such as the Low-Income Housing Tax Credit (LIHTC) and New Markets Tax Credit (NMTC). The legislation also provides incentives to build housing in Opportunity Zones, creates a pilot program for home repair and rehabilitation assistance, expands eligible Community Development Block Grant (CDBG) activities to include new construction of affordable housing, streamlines environmental review, increases FHA multifamily loan limits, reforms USDA rural housing programs, and improves both the Section 8 Housing Choice Voucher program and the HOME Investment Partnerships Program.
We are, however, disappointed that the PRICE Act, funding for the CDBG Disaster Recovery program, and improvements to the Rental Assistance Demonstration (RAD) program were removed from the bill, and we urge that they be restored in the final housing package. Including these provisions would further strengthen the bill’s impact on affordable housing production, preservation, and resilience in communities across the country.
LIIF urges Congress to build on the bicameral, bipartisan momentum behind this effort and move swiftly toward passage of a robust housing package that expands affordable housing supply, strengthens community development finance, and ensures that all people have access to safe, stable and affordable homes.
Daniel Nissenbaum
Chief Executive Officer
Low Income Investment Fund