Tax credits could address state’s affordable housing shortage: Supporters
FRANKFORT, Ky. (WTVQ) – An incentive used by an increasing number of states could help Kentucky address the need for affordable housing, a legislative committee was told Thursday.
Experts outlined housing tax credits and how they differ from Section 8 or public housing by giving developers a tax break on their project. The tax credits hold down mortgage costs which mean lower rents and housing costs.
Supporters say the housing issue is getting so bad it could threaten the state’s economic development efforts.
TAKE SOTVO (23 SECONDS TOTAL)
CG: Mike Hines/Winterwood Property Management (18 seconds)
“In my 20 years in housing, I’ve never seen conditions this tight, a market this tight. As we think about going forward and poising Kentucky to position itself for the future, I don’t know how we are going to attract the employers we need with our housing market in the current condition it is,” Mike Hines, CEO of Lexington-based Winterwood property management told the Interim Joint Committee on Economic Development and Workforce Investment.
“The situation has reached the level of urgency that we’ve never seen before,” added state Rep. Randy Bridges, a Paducah Republican.
The state needs an estimated 75,00- housing units. Those units would increase tax revenues and construction jobs, the committee was told.