RAMSTAD BILL WOULD EXPAND AFFORDABLE HOUSING

WASHINGTON -- U.S. Rep. Jim Ramstad (R-MN) was joined by Rep. Benjamin Cardin (D-MD) today in introducing the “Affordable Housing Preservation Tax Relief Act” to maintain and increase the stock of affordable housing in the nation.

“The lack of affordable housing is a critical problem throughout our area, and that shortage is hitting the most vulnerable in our society -- seniors, children and people with disabilities -- exceptionally hard,” said Ramstad.

“The lack of affordable housing is a crisis for far too many families,” said Ramstad, “and that's why I have worked in a bipartisan, common-sense way to address this crucial issue.”

“The bipartisan Affordable Housing Preservation Tax Relief Act is based on a recommendation to Congress by the Millennial Housing Commission,” said Ramstad. “The Commission pointed out the acute need for affordable housing in its report, which found that one in four American households spend more on housing than the federal government considers affordable – more than 30 percent of income.”

He further pointed out that in Minnesota, recent data shows approximately 30 percent of renters pay over 30 percent of their income on housing, and 15 percent of renters pay over half of their income just to have a place to live.

Ramstad’s legislation would provide a tax incentive to encourage the transfer of affordable housing to owners who agree to maintain the properties and keep them affordable. The bill would forgive part of the tax liability for owners who sell their properties to purchasers who agree to maintain them for a 30-year period and keep them affordable.

 

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