OH Rep Jumps in the Mix on New Affordable Housing Proposal

This just in: an Ohio Representative just hopped on board a new bipartisan legislation proposal to support affordable housing. 🏡 Are we really playing nice in the sandbox again?! We love to see it. 🤗 We'd also love to see certain pals in politics sit in the time out chair…or the quiet corner. 😝

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The official definition of affordable housing is a home a household can purchase for 30 percent or less of its total income. Through the nation's affordable housing programs, properties are made available to lower-income families at a discount through tax credits, vouchers, and other government subsidies. 💸

Here’s Five Fast Facts on the new proposal:

1. 🫂 Let's All Hold Hands - Representative Brad Wenstrup (R-OH) is teaming up with Representatives Darin LaHood (R-IL) and Suzan DelBene (D-WA) on the proposed Affordable Housing Credit Improvement Act of 2023. The act aims to support the financing of more affordable housing by boosting the existing Low-Income Housing Tax Credit.

2. 🏘️ Lucy, I'm Home - If it passes, the law would help build over 2 million new affordable homes over the next ten years.

3. 📗 The Story So Far - Since it started, the Low-Income Housing Tax Credit has built or restored more than 3.5 million affordable housing units. To date, roughly eight million US households have benefitted from the credit.

4. 🏛️ Copycat Action - Senators Todd Young (R-IN) and Maria Cantwell (D-WA) introduced a similar proposal in the Senate to expand these programs nationwide.
   
   
5. 🔍 Check Between the Couch Cushions - The latest data shows nearly one-in-four renters (over 10 million families) spend over half of their household income on rent. This means many are pinching pennies when it comes to other essential expenses like child care, transportation, medicine, and groceries.

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🔥Bottom line: In case you missed it, we have a great article explaining the ins and outs of affordable housing, including why some people like it and others don't. With new proposals bubbling up in both the House and the Senate, it looks like it'll remain a hot topic for the rest of the year (and probs beyond). Wanna save for a house without giving up your mocha choke-a lat-ta ya-ya from Starbucks? Click here!

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Are you yay or nay on affordable housing laws?

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