LIIF CEO Daniel A. Nissenbaum today released this statement on the Housing for the 21st Century Act.
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LIIF applauds the U.S. House of Representatives for advancing the Housing for the 21st Century Act, which passed with overwhelming bipartisan support. At a time when communities across the country are grappling with rising housing costs and persistent shortages, this legislation represents a meaningful step forward in expanding housing supply and increasing affordable options for families.
The Housing for the 21st Century Act is sponsored by House Financial Services Committee Chairman French Hill (R-Ark.) and Ranking Member Maxine Waters (D-Calif.) and Housing and Insurance Subcommittee Chairman Mike Flood (R-Nebr.) and Ranking Member Emanuel Cleaver (D-Mo.). This legislation strengthens the framework that enables public-private partnerships, including the proposal to lift the public welfare investment (PWI) cap from 15% to 20%, which could unlock billions of dollars in additional investment in tax credits like the Low-Income Housing Tax Credit (LIHTC) and New Markets Tax Credit (NMTC). LIIF looks forward to banks partnering alongside CDFIs to seize this shared opportunity to leverage increased flexibility, thereby advancing Community Reinvestment Act (CRA) objectives and channeling additional capital into affordable housing in undercapitalized communities.
LIIF has been actively engaged in advocacy efforts supporting the PWI cap increase proposal and urging for the passage of bipartisan housing legislation. Next, the House and Senate will need to find consensus between the Housing for the 21st Century Act and the Senate’s ROAD to Housing Act. LIIF will continue to work with our peers and policymakers to ensure affordable housing legislation is signed into law.
Next, the House and Senate will need to find consensus between the Housing for the 21st Century Act and the Senate’s ROAD to Housing Act.