Since its introduction in June 2019, the Affordable Housing Credit Improvement Act has garnered more support and co-sponsorships from Congressional members.
If enacted into law, the legislation will increase the annual allocation of low-income housing tax credits by 50 percent and would expand the tax-exempt bond program. If this happens, it will result in the building of more than 450,000 additional affordable housing units over the next ten years and generate $48.5 billion in wages and business income, $19.1 billion in tax revenue, and 510,000 jobs.
As of October 1, 2019, the bill has 93 sponsors and co-sponsors in the house (over 21 percent of all House members) and 22 sponsors and co-sponsors in the Senate (22 percent of all Senators).
While the remaining legislative year is short, it is possible that this Act could become law this year. If not, based on the growing Congressional support, a 2020 passage will certainly be possible.