Lawmakers Eye Tax Credit in Bipartisan Affordable Housing Bill

A bipartisan group of lawmakers is proposing to boost U.S. affordable housing by 2 million units over the next decade by expanding a key tax credit as part of President Joe Biden’s agenda on jobs and the economy.

The Affordable Housing Improvement Act of 2021, spearheaded by Representatives Suzan DelBene and Jackie Walorski, would permanently increase tax-credit allocations to states, allow states to fund more projects by easing bond-funding requirements and expand subsidies for underserved communities.

Supporters say the measures could significantly reduce a U.S. housing deficit that has grown to nearly 4 million units, according ...