In the coming months, the country will transition to a new presidential administration. In light of this the National Association of Housing and Redevelopment Officials (NAHRO) published a Presidential Transition Report offering recommendations to address the housing crisis and improved financial outcomes that directly affect low-income families in communities throughout the nation.
DID YOU KNOW?
- The Housing Choice Voucher Program serves 2.3 million households throughout the country.
- 1.6 million families live in public housing units nationwide.
- Nationwide 3.85 million units were developed using Low-Income Housing Tax Credit (LIHTC).
CMHA supports NAHRO’s proposal of three recommendations to the incoming administration.
1. Provide Fair Market Rent calculations and full funding for the Housing Choice Voucher Program
2. Increase funding for public housing to maintain and preserve current units
3. Increase the use of Project-Based Vouchers (PBV) and Low-Income Housing Tax Credit (LIHTC) to provide more affordable housing for families
Here at home, CMHA is using Project-Based Vouchers to assist during the tight rental market in offering units in our newly built or updated buildings and to direct our assistance to special need populations.
The Low-Income Housing Tax Credit (LIHTC) has been essential for CMHA to expand affordable housing options and revitalize current housing stock in our portfolio. The tool encourages private investment in rental housing, but now faces challenges like a shortage of the private activity bonds that have been essential as well as a loophole that allows for premature termination of the affordability requirements. Closing this loophole, expanding the allocations, and passing the Affordable Housing Credit Improvement Act would assist Public Housing Authorities such as CMHA in continuing to offer affordable housing options, grow those options and preserve the units and buildings while offering residents quality housing possibilities.
As CMHA looks toward 2025, two RAD projects are concluding, the opening of a new construction building for seniors, and the kickoff of five RAD projects that will transform the neighborhoods and the lives of the people in those communities. Over the past eight years, CMHA has invested more than $264 million in creating quality, affordable housing for low-income individuals and families in Hamilton County. It’s even more important in the upcoming years to have housing given the current shortage in this region.