1. Foster Creation/Expansion of Automatic Stabilizers for the Housing Market
• Make the Tax Credit Exchange Program permanent to facilitate the exchange or return of unused tax credits for cash grants in the event the LIHTC market should bottom out, as occurs during severe economic downturns. • Automatically increase housing voucher allocations when unemployment rates cross a certain threshold, injecting much needed capital into affordable housing markets while supporting residents in a timely fashion. • Tailor these automatic stabilizers to fit the needs of all stakeholders while side- stepping the often arduous congressional approvals needed for fresh legislation to address individual crises.
2. Make Local, Flexible Policy Shifts to Enable Production and Preservation
• Change zoning density limits enabling multifamily properties. • Increase accessory dwelling units on existing single-family lots • Generate local affordable housing funds to augment state and federal resources for the purpose of developing or preserving affordable rental housing. • Address market differences. Explore raising income thresholds for eligibility in some high-cost markets, as even many moderate-income households find themselves housing cost-burdened.
3. Redouble Efforts to Assist All Underserved Populations
• Increase funding for voucher-based programs benefiting residents with low incomes • Revisit income thresholds for various affordability programs
4. Enhance Capital Support
• Lobby for increased funding of LIHTC, the Capital Magnet Fund, National Housing Trust Fund and other programs that facilitate development and preservation of more affordable rental units. • Seek ways to “bake in” funding for critical onsite resident services.
5. Break Down Barriers to Increase Collaborative Efforts
• Deepen subsidies for developments to be both affordable and economically viable. • Encourage public, philanthropic and private sector to increase their financial roles. • Tweak regulations to enable programs to augment each other in a relatively seamless way.
Powered by FlippingBook