2020 Democratic Presidential hopeful, Senator Michael Bennet (CO) released a plan to Tackle America’s Housing Affordability Crisis. The three tenants of his plan are Build More Affordable Housing Near Good Jobs, Help Middle-Class and Working Families Afford A Home and Reform Federal Housing Tax Incentives. Sen. Bennet calls for expanding the LIHTC by 50 percent, adjusting the minimum credit rate, increasing incentives to target vulnerable communities, preventing NIMBYism from blocking affordable housing, and increasing housing in areas near good jobs, good schools and transit. In addition, the plan calls for expanded funding options for multifamily housing through Private Activity Bonds. This is notably the first presidential candidate housing plan that calls for many of the items in the Affordable Housing Credit Improvement Act (H.R. 3077/S. 1703).
If elected, Bennet would also increase funding for the National Housing Trust Fund and the Capital Magnet Fund, fully fund Opportunity Vouchers, provide down payment assistance through a tax credit, and reform federal housing tax incentives.
