Affordable housing promotes financial stability, economic mobility, creates jobs, & is essential to a growing economy!
Four of my five millennial kids have all moved out of Orange County, in no small part because there is such a shortage of affordable housing. For our district to thrive economically, we must retain our young adults, who must have jobs, and must have access to adequate affordable housing. The current situation is that more than 1 in 4 renter households spend more than 50% of their income on rent, and many of our college students are living in their cars, which is unacceptable. Affordable housing in the 48th District has become more and more difficult to find in recent years, and one of the root causes of our homelessness. Recent studies have shown that the gap between wages and cost-of-living in California are among the highest in the nation, which puts undue stress on the lives of many of our district’s constituents.
For the last 30 years, the Low-Income Housing Tax Credit gave tax incentives to developers for providing affordable housing. Now, with Trump Tax Plan which slashes corporate taxes, housing developers don’t need those tax incentives. Since the election, there has already been a drop of 10% private equity being invested in affordable housing, and now with the current Trump Tax Plan, expect that number to drop even further.
When I get to Congress, I will stand with Pat Tiberi & Richard Neal and fight to pass their bill - HR 1661 - the Affordable Housing Credit Improvement Act - a bipartisan, comprehensive bill to strengthen the Low-Income Housing Tax Credit (Housing Credit).. I will join the 122 congressmen & women working across the aisle to pass this bill which would provide increased flexibility, simplify program requirements, make the financing of affordable housing more predictable and streamlined, support the preservation of existing affordable housing, and facilitate Housing Credit development in challenging markets, like rural and Native American communities, and for hard-to-reach populations, including those with extremely low incomes. The legislation also contains important provisions that would support development of rental homes using the Housing Credit coupled with multifamily Housing Bonds, which currently provide critical financing to roughly 40 percent of Housing Credit apartments.
And while the National Affordable Housing Act is a step in the right direction, greater attempts—through public/private partnerships—must be made to ensure that all Californians have access to affordable housing. While Congressman Rohrabacher has shown no interest during the past several decades in advocating for affordable housing legislation in the 48th District, when I get elected, I will do just that. Locally - I will work with our OC Housing & Community Development agency to make sure we can maximize affordable housing development opportunities here in district 48, and provide support for their Commission to End Homelessness.