The Housing Alliance of Pennsylvania, Senator Tom Killion, tout the Potential Positive Impacts of the Proposed State Housing Tax Credit, SB 30
UPDATE: SB 30, the State Housing Tax Credit passed the full Senate unanimously on Tuesday, January 28, 2020.
Harrisburg, PA– Today, the State Housing Tax Credit, SB 30, passed out of the Senate Appropriations Committee. The State Housing Tax Credit, SB 30, introduced by Senator Tom Killion (R-Chester and Delaware) would create investment opportunities in affordable housing.
The State Housing Tax Credit legislation, SB 30, enjoys bipartisan support, including the co-sponsorship from the leadership of the appropriations committee: Sen. Pat Browne (R-Lehigh), Chair of Appropriations, and Sen. Vincent Hughes (D-Montgomery and Philadelphia), Minority Chair of Appropriations. See below for the full list of co-sponsors.
Phyllis Chamberlain, Housing Alliance Executive Director, explained, “Pennsylvania has an affordable housing crisis. For every 100 extremely low-income households, there are only 42 affordable units available. We support the State Housing Tax Credit because it stimulates private investment in affordable housing – and it has positive economic impacts across the state.”
A recent Economic Impact Brief published by the Housing Alliance shows that in Pennsylvania every $10 million invested in affordable housing construction will generate $19.6 million in total economic impact and support 110 jobs.
“Every dollar invested in housing results in nearly $20 dollars in economic impact, including jobs for the community,” said Sen. Tom Killion. “These investments are important to the economic vitality of the Commonwealth and I urge my colleagues to continue to support the State Housing Tax credit to promote private investment in affordable housing.”
The State Housing Tax Credit legislation (SB 30) is modeled on the highly successful federal low-income housing tax credit (LIHTC) program. The LIHTC program is responsible for 90% of affordable rental construction and renovations in the country. In Pennsylvania, LIHTC is oversubscribed: for every three applications received, only one is funded. Combining the federal and state programs creates efficiencies by aligning these limited resources.
Download the economic impact brief at: https://housingalliancepa.org/economic-impact
Full list of co-sponsors of SB 30:
Sen. Killion (R-9), Sen. Vogel (R-47), Sen. Hughes (D-7), Sen. Haywood (D-4), Sen. Argall (r-29), Sen. Blake (D-22), Sen. Browne (R-16), Sen. Costa (D-43), Sen. Fontana (D-42), Sen. Leach (D-17), Sen. Muth (D-44), Sen. Santarsiero (D-10), Sen. Tartaglione (D-2), Sen. J. Ward (R-30), and Sen. Yudichak (D-14)