Kelly, Harder introduce 'Increasing Housing in Opportunity Zones Act'

WASHINGTON, D.C. -- Today, U.S. Reps. Mike Kelly (R-PA), Chairman of the Ways & Means Subcommittee on Tax, and Josh Harder (D-CA) introduced the Increasing Housing in Opportunity Zones Act, legislation that enables the U.S. Secretary of Housing & Urban Development added weight to applicants for competitive HUD grants that are located in, or primarily serve, designated Opportunity Zones to support housing preservation and construction.

The Kelly-Harder legislation is part of Kelly's initiative to make housing more affordable and accessible to Americans of all ages.

"Opportunity Zones have breathed new life into neighborhoods and Main Street businesses that have not seen private investment in years, all without spending a single taxpayer dollar," said Rep. Kelly. "Housing costs continue to be a pressing issue for so many Americans. This new legislation builds upon the successes of Opportunity Zones and leverages the tax code to both expand the housing supply and lower costs."

"Valley communities are in a housing crisis - families are struggling to keep a roof over their heads while the next generation can't even afford to leave home and move into a place of their own," said Rep. Harder. "We need more new homes, lower housing costs, and projects finished faster - that's exactly what this bill helps deliver. I'm going to continue pushing to make life in the Valley affordable again and restore our families' dream of being able to buy a home."

The Increasing Housing in Opportunity Zones Act is included in the 21st Century ROAD to Housing Actled by U.S. Senators Tim Scott (R-SC) and Elizabeth Warren (D-MA). If signed into law, the 21st Century ROAD to Housing Act would mark the largest legislative housing package in decades. The 21st Century ROAD to Housing Act is supported by the Trump administration.

You can read the full bill text here and a one-pager here.

BACKGROUND

Rep. Kelly has led and championed Opportunity Zones (OZ) legislation in the U.S. House, including his legislation to expand and make OZs permanent in the Working Families Tax Cuts signed into law by President Trump last year.

Opportunity Zones in Erie, Pennsylvania, located in Kelly's district, are a national model for the program's success. To date, Opportunity Zones have spurred more than $150 million in private-dollar investment in downtown Erie with OZs generating more than $450 million in additional long-term capital investment, according to the Erie Downtown Development Corporation.

Improvement and additions to Erie's Opportunity Zone corridor include:

• 100,000 sq. ft. of new commercial space
• 25 new businesses
• 104 new residential spaces
• 8 historic properties restored