Congresswoman Tenney Introduces Bipartisan Rental Housing Investment Act to Expand Housing Supply and Lower Costs

Washington, DC - Congresswoman Claudia Tenney (NY-24), alongside Reps. Sanchez, LaHood, and Panetta, today introduced the bipartisan Rental Housing Investment Act, legislation to increase the supply of long-term rental housing by modernizing the tax code and incentivizing new housing construction amid the nation's affordability crisis.

The legislation would allow builders to immediately deduct up to $150,000 per rental unit in construction costs for qualifying long-term residential rental housing developments, with an increased deduction of up to $250,000 per unit for qualifying affordable housing projects. The bill includes safeguards to ensure properties remain in long-term rental use and applies to newly constructed housing placed in service after enactment. By lowering upfront construction costs, the legislation aims to spur private-sector investment, expand housing supply, and ease affordability pressures in communities nationwide.

"Families across New York and across the country are struggling under the weight of rising housing costs and a severe shortage of available rental housing," said Congresswoman Tenney. "The federal tax code should encourage the construction of more housing, not stand in the way. This bipartisan legislation takes a practical, market-driven approach to expanding housing supply, reducing development costs, and helping make housing more affordable for hardworking Americans."
"Southern California families are being priced out of their own communities," said Congresswoman Sánchez. "Rents are climbing and there simply are not enough homes to meet demand. Our bill removes a real barrier to building more housing to give working families a shot at finding a home they can afford."

"Although many people work in California's 19th Congressional District contributing so much to our economy and communities, many people can't afford to live in our district due to the lack of affordable rental housing," said Congressman Panetta. "That's why I'm joining my colleagues to introduce the bipartisan Rental Housing Investment Act as a way to incentivize the development of new multifamily rental housing with deductions for upfront costs, which often prevent contractors from getting projects off the ground. This type of bipartisan legislation is a way in which the federal government can play its part to ensure more affordable housing for working families in our communities."

"The shortage of affordable housing is a rural, urban, and suburban issue, impacting communities throughout central and northwestern Illinois," said Congressman LaHood. "To address this growing crisis across the country, Congress must continue to advance legislation that drives investment into new affordable housing and expands housing options for hardworking Americans nationwide. I am proud to join my colleagues to introduce the bipartisan Rental Housing Investment Act to encourage the development of new affordable housing and lower costs for families."

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