We Already Know What to Do About the Housing Crisis
Wouldn’t it be great to have a way to build and renovate affordable apartments that could bring government, the private sector and local communities together as partners; that could produce quality homes that would fit local needs and improve neighborhoods; that could serve families, the elderly and even the disabled and the homeless well for decades; that Republicans, Democrats, developers and communities could all get behind?
We already have that. It’s called the Low Income Housing Tax Credit, and it may be one of America’s best kept secrets. Since 1987, this “Housing Credit” has produced over three million affordable apartments and now accounts for about 30 percent of all apartments with similar rents. Harvard University called the Housing Credit America’s most successful affordable housing development policy ever.