WASHINGTON, D.C. – (RealEstateRama) — Granger MacDonald, chairman of the National Association of Home Builders (NAHB) and a home builder and developer from Kerrville, Texas, today issued the following statement regarding the U.S. Department of Housing and Urban Development’s new report on the number of rent-burdened families rising to the second-highest level on record:
“The new report from HUD showing that 8.3 million very-low-income households spend more than half their income on rent or live in substandard housing is a painful reminder of the acute affordable housing crisis confronting our nation. Other studies, such as the 2016 Harvard University Joint Center for Housing Studies report on the ‘State of the Nation’s Housing’ show an even higher number of households are severely cost burdened. Congress and the Trump administration need to make it a top priority to enact policies that will promote the construction of sorely needed rental apartments.
“The bipartisan Cantwell-Hatch bill pending in the Senate would expand the Low Income Housing Tax Credit (LIHTC), the nation’s most successful affordable housing program, and result in an additional 400,000 LIHTC units built over the next decade. Swift congressional action to pass this bill would be an important step forward to meet the growing need to develop and preserve affordable housing in communities across America.
“At the same time, we call on Congress and the administration to approve sufficient funding for the HOME program and important rental assistance programs, including housing choice vouchers and project-based rental assistance.”