Low-income elder Americans face a housing crisis today. We don’t have nearly enough decent, affordable housing for them, and our country’s aging population is adding waves of new seniors to the waiting lists every day.
States and the federal government generally do not build new affordable housing directly. Instead, they maintain a market-based system that allows private firms and nonprofits (many of them faith-based) to partner with government to build and preserve housing for low-income elders and the working poor.
For decades, this public-private partnership has been the main engine driving new construction and preservation of subsidized senior housing. With the passage of tax legislation in both houses, Congress now faces a stark choice.
The House tax bill would eliminate private activity bonds and accompanying tax credits—one of the last forms of government support making private investment in affordable housing for seniors possible. The Senate bill would leave the bonds and tax credits largely intact. It’s essential that a final bill preserves these critical tools to help us address the dire housing problem facing many of our most vulnerable citizens. Continue reading