Partnership for Strong Communities supports H.R. 7024 Tax Relief for American Families and Workers Act of 2024

By: Chelsea Ross, Executive Director, Partnership for Strong Communities

On January 31, 2024, H.R. 7024 – Tax Relief for American Families and Workers Act of 2024 passed the U.S. House of Representatives 357-70, with strong support from both parties. Many Representatives on both sides stressed the importance of the Housing Credit provisions, which H.R. 7024 would expand. The standalone legislation that inspired the housing provisions in H.R. 7024, the Affordable Housing Credit Improvement Act (AHCIA, S. 1557), has the support of nearly half of Congress. At present, there are 33 cosponsors in the Senate, evenly divided between Democrats and Republicans.   

The Housing Credit is our nation’s number one tool for financing the construction and preservation of affordable rental housing. In Connecticut the Housing Credit has produced or preserved more than 23,000 affordable homes since the program’s inception in 1986.     

The provisions in H.R. 7024 would finance the construction of over 200,000 new affordable homes nationwide, providing a decent and safe place to live for that many families. The expected impact in Connecticut is 790 new affordable homes. Additionally, Novogradac estimates H.R. 7024 would support 1,190 jobs, generating $134 million in wages and business income, as well as $46 million in federal, state, and local tax revenue in Connecticut.  

While this investment alone does not solve the housing crisis, it is a huge step in the right direction at a time when these resources are desperately needed. The demand and the capacity are there, with shovel-ready, would-be housing developments just waiting for these resources.   

The National Governors Association issued a statement endorsing the tax package, a notable achievement since the NGA only endorses legislation if all 55 state and territorial governors agree to do so. The National Council of State Housing Authorities has a helpful FAQ for more information. 

Partnership for Strong Communities supports H.R. 7024. Contact your legislators and ask them to support H.R. 7024 to help more people and families have a safe, stable, and affordable place to call home. 

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