Meeting the Housing Needs of Lowest-Income Households - Challenges and Solutions
Severe shortage of affordable housing for lowest-income households leads to cost burdens and inequities, with a focus on targeted funding from the National Housing Trust Fund to address critical housing needs. Efforts include providing rental housing for extremely low-income households and supporting first-time homebuyers. Early implementation results in planned homes serving homeless populations and people with disabilities.
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Presentation Transcript
Meeting the Housing Needs of the Lowest- Income Households Sonya Acosta National Low Income Housing Coalition July 14, 2019
A Severe Shortage for the Lowest-Income Households
The Need for Targeted Housing Resources
Extremely Low-Income Households Forced into Higher Cost Homes
The Lack of Housing Leads to Severe Cost Burdens
Low-Income Renters Are Disproportionately People of Color
Affordable Housing Shortage Is an Issue of Equity
Solving the Supply Shortage The National Housing Trust Fund
The National Housing Trust Fund Provides the Needed Targeted Funding Designed to increase and preserve the supply of rental housing for extremely and very low-income households Up to 10% may also be used to support homeownership activities for first-time homebuyer Created in 2008 through passage of the Housing and Economic Recovery Act of 2008 Funded through an annual assessment on Freddie Mac and Fannie Mae
Provides Targeted Funding to Those with the Greatest Needs Must benefit households earning no more than 50% of area median income 90% for rental housing At least 75% must serve extremely low- income households
Early Implementation In 2016, HUD allocated first $174 million As of September 2018, about 1,500 homes were planned 443 serving homeless populations 347 serving people with disabilities 244 targeting elderly people 88 serving veterans 46 serving people re-entering the community from the criminal justice system
Opportunities for Expansion American Housing and Economic Mobility Act Introduced by Senator Elizabeth Warren (D-MA) and Representative Cedric Richmond (D-LA) S. 787 and H.R. 1737 Provides $445 billion over 10 years for the national Housing Trust Fund Would help build, rehabilitate, and operate up to 2.1 million homes Includes additional resources for Native and rural housing and relief for high-cost cities Would lead to an estimated 3.2 million new homes for low- and middle-class families
Addressing Renters Cost Burden Renters Relief Tax Credits
Renters Tax Credits Relieve Cost Burden The Rent Relief Act (S. 1106 and H.R. 2169) Housing, Opportunity, Mobility, and Equity (HOME) Act Sponsored by: Senator Kamala Harris (D-CA) Representatives Danny Davis (D-IL), Scott Peters (D-CA), and Jimmy Gomez (D-CA) Introduced in 115thCongress by: Senator Cory Booker (D-NJ) Representative James Clyburn (D-SC) Difference between 30% of income and rent Provides a share of the difference between 30% of income and rent Rents cannot exceed Fair Market Rent Rents cannot exceed Fair Market Rent All cost-burdened taxpayers eligible Taxpayers earning less than $100,000 Maximum income increased to $125,000 in high-cost areas Taxpayers can defer tax credit for 180 days and collect interest
Sonya Acosta Policy Analyst National Low Income Housing Coalition sacosta@nlihc.org
