Las Vegas, Nev. – U.S. Senator Catherine Cortez Masto (D-Nev.) announced her support of and requested to cosponsor the bipartisan Affordable Housing Credit Improvement Act, legislation that would provide 1.3 million more affordable rental homes nationwide in the next ten years. In Nevada, there is a shortage of 81,787 rental homes affordable for low-income renters. The bill was introduced by U.S. Senators Maria Cantwell (D-Wash.) and Orrin Hatch (R-Utah).
“Nevada’s affordable housing crisis is harming families and causing economic pain for more than a hundred thousand Nevadans. Families struggling to make ends meet shouldn’t be forced into homelessness or face eviction due to high rental costs. While we need to do much more to address the state’s growing affordable housing crisis, this legislation is a step in the right direction to create tens of thousands of new affordable units for low-income Nevadans.”
The Affordable Housing Credit Improvement Act would make a small dent in the more than 8 million affordable homes America needs today. It expands the Low Income Housing Tax Credit (Housing Credit) by 50%; provides a 50% basis boost to developments that set aside 20% of units for the lowest income families; and provides a 30% basis boost for difficult to develop areas which would include Native American communities.