In 2021, POAH calls on Congress to expand housing resources for COVID-19 response; strengthen the Low-Income Housing Tax Credit; expand funding for project-based Section 8; support broadband access for HUD-assisted households; and support resident success in HUD-assisted properties. POAH also suggests short-term administrative actions the new leadership at HUD can take without the need for legislation.
Congress should also support a major expansion in the nation's affordable housing inventory by ramping up programs that support construction and preservation:
HOME PROGRAM that provides essential gap funding for the development of 1.2 million affordable housing units
SECTION 202 SENIOR HOUSING PROGRAM
For FY22, Congress should fund the renewal of all existing HUD S.202 Senior Housing rental assistance, plus at least $200M for new production.
CHOICE NEIGHBORHOODS INITIATIVE
CNI has helped POAH and others change the trajectory of distressed communities through comprehensive mixed-use redevelopments and associated supports. Congress should increase CNI funding to $300 million for FY22.
CAPITAL MAGNET FUND PROGRAM
Congress should double the resources allocated through the Capital Magnet Fund, which provides flexible grants to nonprofits and CDFls to support housing preservation and production, by appropriating FY22 funds to match the required contributions to this program by Fannie Mae and Freddie Mac (the 2020 allocation was $173 million).
PROVIDE NEW FUNDING TO SAVE EXISTING "NATURALLY AFFORDABLE" HOUSING
This strategy capitalizes on near -term declines in housing asset prices to expand the nation's affordable housing stock through acquisition, which is more cost-effective and faster than new construction.
The nation’s affordable housing shortage is vast, and requires large-scale, visionary solutions which will take time to enact and implement. In the near term, however, HUD has numerous opportunities for action under existing authorities which could have immediate, positive impacts for low- and moderate-. income households around the country: POAH urges HUD to use active rulemaking or guidance processes to make near-term improvements.
Read all POAH’s recommendations in the attached document
Andrew Spofford is responsible for advancing POAH’s external public policy agenda