NEWS: Sen. Schiff Unveils Landmark Legislation to Spur New Housing Boom, Address Housing Crisis

Washington, D.C. - Today, U.S. Senator Adam Schiff (D-Calif.) unveiled landmark legislation to spur a new boom in housing construction across the United States and help address the root causes of the housing affordability crisis, including the lack of supply, rising rents, and increasingly out of reach pathways to homeownership for Americans.

The Housing BOOM (Building Occupancy Opportunities for Millions) Act would dramatically expand housing construction through a raft of new measures aimed at rapidly boosting construction of both affordable and middle-income housing. In his bill, Schiff proposes a landmark expansion of the Low-Income Housing Tax Credit (LIHTC) to immediately deliver additional funding streams for shovel-ready projects in need of additional capital to build thousands of additional units. This bill represents the biggest expansion of LIHTC ever proposed.

The legislation also proposes a new housing construction fund for middle income Americans, and other measures to expand access to affordable housing options, combat homelessness, protect renters, and safeguard critical federal housing programs.

"We need to jumpstart a housing boom in America and massively increase the supply of new homes. In the same way we built millions of houses for returning GI's in the wake of World War II, we need to bring a similar urgency to the construction of vast numbers of new homes. Nothing less will address the crisis of housing unaffordability in America. This is why I am proud to introduce landmark legislation that will make generational investments to increase the supply of housing in California and across the country. We need to take action, and to make it possible for families to achieve the American dream. I will be focused on building bipartisan support for this bill in Congress, so we can build millions of new homes and make life more affordable for families," said Senator Schiff.

"Secure, affordable housing fundamentally changes lives and opens new doors to opportunity. Right now, we are facing a massive shortage of housing in California. We need bold, sustained, and lasting solutions to address the housing crisis and ensure people can access affordable housing options with dignity and ease," said Congresswoman Lateefah Simon. "I am proud to co-lead the Housing BOOM Act with Senator Schiff which will increase housing supply, create long-term, multifaceted solutions to the homelessness crisis, ensure fair housing protections, and provide tenant support for low-income families and veterans."

Representative Lateefah Simon (D-Calif-12) will introduce companion legislation in the U.S. House of Representatives.

According to the National Low-Income Housing Coalition, the U.S. has a shortage of at least 7.1 million homes that are affordable for low-income renters. And across the country, rent prices continue to skyrocket, with a 2024 Census survey finding that 20 million renter households spend more than 30 percent of their income on housing costs.

Schiff's Housing BOOM Act will expand funding opportunities to build millions of housing units quickly; expand rental assistance for low- and middle-income families and provide long-term solutions to the homelessness crisis by reinforcing support for those at higher risk of losing their home like older Americans and people with disabilities.

Boost the housing supply:

• Landmark expansion of the Low-Income Housing Tax Credit (LIHTC), a stackable tax credit which would inject the financial capital needed to spur the development of more affordable housing projects.

o Roughly half of proposed housing developments in California were denied access to LIHTC in the state in the past two years. While funding is not the only obstacle to approval, expanding LIHTC would allow more projects to get funding and more units to be built.

• Establish new programs through HUD to support middle-income and workforce housing, including a $10 billion annual loan fund and a $5 billion annual block grant program to expand affordable housing options for families earning 60-120% of Area Median Income.
• Increase funding for HUD assisted housing programs supporting the development of affordable housing for rural and tribal communities and seniors and people with disabilities.
• Convert underutilized hotels and public buildings into housing through creation of a federal grant program for state and local governments to facilitate these conversion projects.

Combat homelessness:

• Authorize over $5 billion to states and continuums of care annually to provide long-term housing, emergency shelter, and prevention resources for those experiencing homelessness
• Enhance mental and behavioral health services for people experiencing homelessness.
• Increase funding for supportive housing for the elderly and people with disabilities.

Provide support for tenants:

• Help low-income individuals and families, as well as veterans secure stable, affordable housing by increasing authorization for Section 8 Tenant-Based Rental Assistance (TBRA) and HUD-VASH vouchers.

Ensure fair housing:

• Improve access to federal housing programs for individuals with limited English proficiency through the creation of a HUD Language Access Plan.
• Prohibit discrimination based on source of income, including HUD vouchers, in the sale, rental, and related transactions of housing and real estate services.

A one-pager of the legislation is available here.

A section-by-section of the legislation is available here.

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