New York Housing Conference worked with Congressman Ritchie Torres (D-15) to introduce the Accelerated Supply of Affordable Production [ASAP] Housing Act (H.R. 9856). The ASAP Housing Act would exempt affordable housing from counting towards federal limits on state volume cap issuance for tax-exempt private activity bonds for ten years. The volume cap artificially limits how much affordable housing can be financed and is the greatest financing barrier to expanding production in New York. This legislation will help increase the production of new rental housing affordable to low-income households and help preserve existing affordable housing by limiting the exemption to projects with rents affordable to households earning up to 80% of area median income (AMI).
Read a full summary of the ASAP Housing Act here.