We’re not going to resolve the housing crisis in one large move; it’ll take a wide range of creative and proactive steps to get us where we need to be.
People who live and work in Maine need a reliable, safe place to live that does not cost an entire month’s paycheck. Yet, housing has become, for many Maine people, out of reach and way too expensive – making it one of the most pressing issues our state is facing today. While it’s neither a new challenge nor a partisan one, the affordable housing shortfall is affecting hardworking Americans across the country.
Unfortunately, the one law that Congress cannot overturn is the law of supply and demand. But, by collaborating with my colleagues on both sides of the aisle, we are working on a range of approaches to increase supply and reduce housing prices both in Maine and across the country.
Commonsense, bipartisan action is key to making housing more affordable for American families. One of the most successful bipartisan federal initiatives to promote housing construction is the Low-Income Housing Tax Credit (LIHTC), which I prefer to call the Affordable Housing Tax Credit. Congress can do more, though, to ensure that the credit provides more homes for low-income people, supports small businesses trying to attract workers, and makes a bigger dent in the 20,000 affordable housing units that Maine needs. That’s why I’ve been a cosponsor of the bipartisan Affordable Housing Credit Improvement Act. The bill will expand the number of credits available – directly reducing the housing shortage – and better target the credits toward properties that serve people facing housing insecurity.
In addition to advocating for more new housing construction, I’m committed to preserving the older houses that Maine has – along with historic buildings that could be homes. That’s the point of the Historic Tax Credit Growth and Opportunity Act I cosponsored, which would give builders a tax credit for restoring or renovating old buildings – such as a historic Main Street storefront or an empty industrial shop – to create new living spaces for Maine people. Think of all the older homes and buildings we have in Maine that are underutilized, then think of the good-paying construction jobs and new homes we could see from such legislation becoming a reality.
Especially in Maine’s many rural places, achieving housing affordability depends on preserving the affordable housing stock that already exists. That’s why I introduced an amendment last year to increase funding for rural rental housing and to preserve the affordability of rural rental units. Another complementary, bipartisan effort that Sens. Smith of Minnesota and Rounds of South Dakota are making is their Rural Housing Service Reform Act, which I am supporting and hoping to see into law over the coming months.
Beyond the shortfall of housing availability, another challenge is the high cost of interest rates and down payments for people in rural areas and for first-time homeowners. My bipartisan bill with Sen. Moran of Kansas, the Access to Credit for Our Rural Economy (ACRE) Act, would relieve community banks of tax on the mortgage interest that they receive, enabling local banks to provide loans to rural homeowners at lower interest rates.
The bipartisan Homes for Every Local Protector, Educator and Responder (HELPER) Act, which I’ve cosponsored, would create a one-time home loan assistance program for law enforcement officers, firefighters, emergency medical professionals and teachers looking to buy their first home. This bill would eliminate a mortgage down payment, which is one of the biggest barriers blocking home ownership. In addition to giving these public servants a hand, it would also allow them to live in the towns and communities where they work. We are all better off when we are able to build meaningful connections with our neighbors who serve our communities.
We’re not going to resolve the housing crisis in one large move; it’ll take a wide range of creative and proactive steps to get us where we need to be. These ideas I just laid out for you are just a handful of the solutions I’m working on right now. I am committed to continuing the important work with my colleagues on both sides of the aisle to lower the price of housing for people in Maine and across the country.
You shouldn’t have to invest all your savings or hand over most of your salary each month just to afford a safe, convenient and comfortable place to live. At the end of the day, every person in Maine deserves to have a decent and affordable roof over their head.
ABOUT THE AUTHOR
Angus S. King Jr., an independent, is the junior senator from Maine.
