INCREASE Housing Affordability Act

# INCREASE Housing Affordability Act Summary **What the Bill Would Do** The INCREASE Housing Affordability Act aims to address the nation's housing shortage and affordability crisis by expanding tax incentives for developers and builders who create affordable housing units. The bill would modify income tax credits and other financial incentives to encourage the construction of new affordable housing, particularly in urban and suburban areas where housing costs have risen significantly. **Who It Affects and Key Provisions** The bill primarily affects housing developers, builders, and low-to-moderate income renters and homebuyers struggling with housing costs. By improving tax credits related to housing construction, the legislation encourages private developers to build more affordable units by making these projects more financially attractive.

This approach targets suburban and urban communities where affordability challenges are most acute. **Current Status** As of now, HR 537 remains in committee and has not been voted on by the full House. The bill was introduced by Representative Mikie Sherrill (D-NJ) in the 119th Congress. Like many bills in committee, it would need committee approval and then floor consideration before it could become law.