Workforce housing tax credit legislation pre-filed
CAHS and its supporters across Kentucky have seen the benefits of this type of legislation in several other states
FRANKFORT, kY. (WTVQ) – A state representative working with housing groups has prefiled legislation to establish a workforce housing tax credit in Kentucky.
Supporters say the legislation will be crucial to help Kentucky communities fill their affordable housing caps as the state emerges from the COVID-19 pandemic.
“Simply put, Kentucky must take action to address its affordable housing crisis, or risk devastation,” said state Rep. Kim Banta, who has been working with the Commonwealth Alliance for Housing Solutions. “Housing is absolutely essential to creating a strong workforce. We cannot expect our economy to thrive if people are struggling to simply keep a roof over their heads,” added Rep. Banta. “With a workforce participation rate below 60 percent, Kentucky cannot wait any longer to address this issue.”
Representative Randy Bridges, sponsor of the bill, noted that time is of the essence with this legislation.
“My hope is 2022 will be the year that Kentucky joins several other states in prioritizing affordable housing legislation,” said Bridges. “This is about competitiveness. Kentucky can be the first state in this region to adopt affordable housing tax credits. Instead of chasing the competition, we can lead.”
Tiffany Marthaler, with the Commonwealth Alliance for Housing Solutions, added that the affordable housing crisis in Kentucky did not start, and will not end with this pandemic.
“COVID-19 has opened many people’s eyes to just how many of our friends, family and neighbors struggle with housing. Add in long term economic stress, and you will understand just how crucial this legislation is.”
“Now is the time to take on this issue,” explained Kentucky League of Cities Executive Director/CEO J.D. Chaney. “New census data shows that cities are growing and now account for 56% of Kentucky’s population, a 7.1% increase from 2010 to 2020. As we welcome new residents into our city limits, it becomes even more vital that we ensure they have a safe and enjoyable place to live and work. Affording housing is a critical component to quality of life, and city leaders are an important voice as we work on solutions. KLC and our members are ready and willing to be part of the discussion.”
Greater Louisville, Inc (GLI) attended the press conference to speak to the issue in Kentucky’s largest city.
“GLI has been focused on this issue for several years, both as it relates to economic development and equity. While some supports have been implemented at the local level, action at the state level is imperative to moving the needle. More affordable housing development will lead to a more financially stable workforce and position our communities and state for strong, sustained economic growth,” said Shelby Williams Somervell, VP of Government Affairs and Communications for GLI.
CAHS and its supporters across Kentucky have seen the benefits of this type of legislation in several other states and know what it could mean for Kentucky. In the short term, jobs, investment, increased tax revenue and economic growth. In the long term, significant improvements in affordable housing and housing stability for our most vulnerable populations.
