Chicago Mayor Brandon Johnson has deemed it necessary to join the chorus urging Congress to approve a tax credit that would boost affordable housing development across the nation. According to Mayor Johnson's tweet on September 26th, he believes that affordable housing is a human right, and the need for action is paramount.
Affordable housing is a human right, but too often working families are priced out of options in their communities.
— Mayor Brandon Johnson (@ChicagosMayor) September 26, 2023
I will continue to join voices urging Congress to act now and approve a tax credit triggering affordable housing development nationwide. https://t.co/DUZL6jXm5i
Mayors and officials from the surrounding regions, like DuPage County and Evanston, have thrown their support behind the Affordable Housing Credit Improvement Act of 2023. As reported by Crain's Chicago Business, the proposed legislation could lead to the development of 2 million additional affordable rental units nationwide in the next decade, supplementing the current 1.25 million units already slated for construction.
Evanston Mayor Daniel Biss stated in a Crain's Chicago Business report that residents with deep family roots in the area are being priced out, and newcomers struggle to even enter the market.
Introduced in May by U.S. Rep. Darin LaHood (R-IL), the Affordable Housing Credit Improvement Act of 2023 aims to build upon the Low-Income Housing Tax Credit, which has been in place since 1986 to empower state and local governments to issue tax credits to affordable housing developers. Since its inception, this federal tax credit has facilitated the development of 3.7 million affordable rental units, housing approximately 8 million people, according to Ayrianne Parks, Senior Director of Public Policy at Enterprise Community Partners.
