H.R. 8533 Support Allowing Volume Exception for (SAVE) Federally Assisted Housing Act
Sponsor: Rep. Katherine Clark (D-MA-5)
Co-Sponsors: Rep. Kenny Marchant (R-TX-24) Rep. Gil Cisneros (D-CA-39)
What does the legislation do? H.R. 8533 creates an exception to the volume cap for private activity bonds that states, including Tennessee, may issue to preserve and renovate existing affordable housing units at federally assisted housing facilities.
Why is the legislation needed?
Tennessee's public housing authorities are currently struggling to find adequate resources to preserve and rehabilitate their aging affordable housing units.
Private activity bonds are a critical tool that Tennessee's public housing authorities can utilize for renovation and rehabilitation of their affordable housing units, but current law places a volume cap or state ceiling on the maximum amount of private activity bonds that states like Tennessee can issue each year.
By creating an exception to the volume cap for private activity bonds for federally assisted affordable housing units, Tennessee would be able to issue additional private activity bonds and provide additional resources to Tennessee's public housing authorities to preserve and rehabilitate their aging affordable housing units.
Passage of H.R. 8533 will not only lead to more affordable housing for Tennessee's low-income families, seniors, special needs individuals and veterans, but the construction and development process for these renovated and rehabilitated affordable housing units will result in job growth and increased economic activity in the Tennessee communities where these affordable housing units are located.
Who is supporting H.R. 8533? The Tennessee Association of Housing and Redevelopment Authorities "TAHRA", the Council of Large Public Housing Authorities, the National Association of Housing and Redevelopment Officials, the Public Housing Authority Directors Association, the Moving to Work Collaborative and the National Housing Trust.
What can you do to help? TAHRA counts every public housing authority in Tennessee as a member, which means the passage of H.R. 8533 would create more affordable housing across the state of Tennessee. Your support of this bi-partisan legislation will positively impact every public housing authority in your Congressional district. On behalf of all of Tennessee's public housing authorities, we humbly ask you to support H.R. 8533.