Like roads and bridges, affordable housing is a component of the nation’s infrastructure and a long-term asset that helps communities and families by connecting them to resources and opportunities. According to the National Low-Income Housing Coalition,
there is a shortage of more than 7 million rental housing units that are affordable and available to the lowest income families nationwide. In fact, no state in America has an adequate supply of affordable housing
for the lowest income renters. Further, our existing stock of affordable housing is aging and in need of repair. For example, our public housing stock, which houses 2.6 million Americans, has an estimated capital needs backlog of $70 billion. Neglecting our
housing infrastructure not only hurts families and communities that struggle with substandard housing and unaffordable housing costs, but it is a lost opportunity to create jobs and boost our economy. According to the National Association of Home Builders,
building 100 affordable rental homes generates 297 jobs, $28 million in wages and business income, and $11 million in taxes and revenue for state, local, and federal governments.