June 30, 2023
During the week of June 26, Indiana Senator Todd Young traveled the state to meet with stakeholders in the housing industry about three bills on his legislative agenda that could address the shortage of affordable homes our families and neighborhoods face.
INHP understands the shortage is real. More than 115,000 households in Marion County earn a low or moderate income and spend more than 30% of their income housing – which is considered to be housing cost-burdened. More affordable homes are needed so families can find a place to call home that fits within their budget. However, creating homes at an affordable price point has its own challenges, and will require additional tools for developers and financers beyond those currently available.
There is no single solution or magic bullet to solve this complex challenge. INHP has 35 years of experience understanding the barriers families earning low and moderate incomes face in accessing affordable homes; and we agree that Senator Young’s bills recognize the complex nature of the crisis happening today, and can make a difference.
Here are Young’s proposals and INHP’s perspectives toward them.
- The Affordable Housing Credit Improvement Act (AHCIA) would improve and expand the Low-Income Housing Tax Credit, providing an estimated additional 44,500 units in Indiana alone.
INHP’s response: We agree that an expansion of the long-standing and successful Low Income Housing Tax Credit (LIHTC) program is an effective tool affordable housing developers could readily leverage more of for the creation of affordable rental housing.
- The Neighborhood Homes Investment Act would revitalize distressed neighborhoods by creating a tax credit for building and renovating homes in blighted areas.
INHP’s response: We agree that providing a new tool, modeled after the successful LIHTC program, would create more accessibility and encouragement for builders to rehabilitate or construct much-needed affordable owner-occupied homes.
- The Yes In My Backyard Act (YIMBY Act) would eliminate barriers to much-needed housing by requiring transparency in local land use, zoning, and housing decisions.
INHP’s response: We support more transparency to further discussions on opportunities where affordable housing might be placed, expanding access and choice for families with low and moderate incomes.
It is clear that Senator Young understands the role the federal government can play in bringing new affordable housing solutions to communities across Indiana. And, as I shared with WISH-TV news reporter Garrett Bergquist on Wednesday, June 28, we know these solutions cannot be realized without congressional support.
Solving the shortage of affordable homes will take an all-hands-on-deck approach, and I applaud Senator Young for his commitment to the diverse housing needs of Hoosiers.
Executive Vice President, Government and Community Affairs