BELLEVUE, WA –Thursday, U.S. Senator Maria Cantwell (D-WA) convened a Housing Summit featuring two panels of housing experts and advocates to address the future of Affordable Housing in Washington state.With the recent passage of theHousing and Economic Recovery Act of 2008, Cantwell discussed how this bill will bring relief to struggling American families, addresses the root of our current economic problems - the foreclosure crisis - and takes a step in the right direction toward getting our economy back on track.

 

“Our homes are the foundation of our families and the anchors of our communities,” said Cantwell. “We need to keep focusing on the housing needs of our most vulnerable neighbors and explore solutions to the downturn in our housing and financial markets. I will continue to work hard and encourage the development of affordable rental housing by expanding and improving the low-income housing tax credit.”

 

Cantwell worked tirelessly in the Senate to modernize the low income housing program and tax credit program. Most of the provisions of Cantwell’s tax credit program were enacted into law. As result of the changes that were enacted will allow states to have additional tax credits to allocate, thus bringing in more capital. These improvements in the tax law were broadly supported by state and local housing authorities; housing developers, lenders, and low-income housing advocates and are seen as instrumental in keeping scarce capital flowing to the development of low-income housing projects.

 

These improvements in the tax law were broadly supported by state and local housing authorities; housing developers, lenders, and low-income housing advocates and are seen as instrumental in keeping scarce capital flowing to the development of low-income housing projects.

 

“These tax credits make it attractive for investors to forego highly profitable luxury residences, in order to provide housing for those most in need.  Without affordable housing, many low-income Americans would find themselves on the street. Instead, these families can provide shelter to their children and have a secure place to live near where they work and go to school,” continued Cantwell.

 

In June, Cantwell was pleased to present two awards to low-income housing tax credit properties in Seattle that were recognized by the Affordable Housing Tax Credit Coalition (AHTCC). The AHTCC is a nonprofit corporation of developers, lenders, nonprofit groups, public agencies, and others working to promote affordable housing efforts and bring attention to the importance of the low-income housing tax credit. Cantwell is a lead sponsor of the Affordable Housing Investment Act that would make the needed improvements to the tax rules that oversee this program. Seola Crossing at Greenbridge in Seattle was the winner of the award for Public Housing Revitalization and Evans House in Seattle received honorable mention recognition for Special Needs Housing.

 

Cantwell’sAffordable Housing Investment Act (S. 2666) currently has 18 cosponsors, and most of its provisions were included in the housing stimulus legislation that passed the House. Cantwell is leading a bipartisan letter to Senate Finance Committee Chairman Max Baucus (D-MT) and Ranking Member Chuck Grassley (R-IA) to have these provisions included in any final housing bill.