Rep. Panetta Introduces Legislation to Increase Project-Based Vouchers and Provide Incentives for More Affordable Housing

Monterey, CA - United States Representative Jimmy Panetta (CA-19) authored and reintroduced the Housing Access Improvement Act as a way to increase the creation of new affordable housing units in California and around the country. The legislation would increase the cap on Project Based Vouchers (PBVs) that housing authorities can use by 50 percent. PBVs are used as incentives for developers of affordable housing. Rep. Panetta introduced this legislation alongside Reps. Adam Schiff (CA-30), Zoe Lofgren (CA-18), Ted Lieu (CA-36), Jimmy Gomez (CA-34), Judy Chu (CA-28), Eric Swalwell (CA-14), Linda Sánchez (CA-38), and Salud Carbajal (CA-24).

A project-based voucher (PBV) allows local housing authorities to assign vouchers to a specific unit in a new housing project guaranteeing availability for low-income individuals and families. This type of "project basing" gives housing developers a guarantee of a future source of stable income from a development, and can be integral to making possible more affordable housing projects.

In markets facing a housing shortage, like California's 19^th Congressional District, this is one of the only tools housing authorities have to spur the development of new, quality units. Unfortunately, local housing agencies have been held back from utilizing PBVs due to the limited amount of PBVs offered by the federal government. The Housing Access Improvement Act would come at no additional cost to taxpayers because it allows housing authorities additional flexibility with existing resources, while providing more stability for developers to increase the supply of affordable housing.

"Lack of affordable housing across California's 19^th Congressional District contributes to its unfortunate distinction as one of the most expensive places in our country for renters," said Rep. Panetta. "Through the Housing Access Improvement Act, we are lifting regulatory burdens that hold back housing authorities from working with developers to guarantee affordable units in new properties. This bill will not only increase PBVs, it will incentivize the creation of more affordable housing to meet demand and lower costs of working families."

"Californians are being squeezed by rising housing costs and the shortage of affordable housing," said Rep. Schiff. "Our Housing Access Improvement Act would accelerate the construction of new affordable housing by boosting the number of project-based vouchers. I will continue to work closely with local partners to ensure the federal government is using every tool at its disposal to help us tackle the housing crisis."

"The lack of affordable housing is a crisis in CA-18 and in communities across the country," said Rep. Lofgren. "I'm proud to join my colleagues to re-introduce the Housing Access Improvement Act, which will encourage the construction or renovation of new, affordable units. Increasing the Project Based Voucher statutory cap is a straightforward change that will help local housing agencies meet the soaring demand for affordable housing. The Santa Clara County Housing Authority has already successfully used a higher project voucher cap, and this legislation recognizes the impact the county's innovation has had."

"Housing prices in California are among the highest in the nation," said Rep. Lieu. "According to the US Census Bureau, nearly half of American renters spend more than 30% of their income on housing, squeezing their budgets and making it more difficult to pay for other essentials. To bring down housing costs, we must encourage construction of new housing and ensure access to affordable units in every zip code. I'm pleased to join my colleagues to introduce the Housing Access Improvement Act, which would incentivize affordable housing development and construction, improve housing quality for tenants across the country and increase the Project Based Voucher cap to help local authorities meet demand for affordable housing."

"The housing crisis has put a strain on America's economy and working people across the country. Housing is a fundamental need that feels out of reach for millions of working families, especially those in Los Angeles," said Rep. Gomez. "I founded the Renters Caucus to fight for housing people can afford; this bill will give the local housing authorities more tools to fund and incentivize building more affordable housing. Hard-working families deserve a home of their own."

"There is no panacea to the housing affordability and homelessness crisis across Southern California and the rest of America," said Rep. Chu. "But Congress can help by giving local housing authorities more support for adding to the supply of affordable housing. In my district, the City of Pasadena has a successful track record of utilizing Project-Based Vouchers to build permanent supportive housing and make certain our neighbors have a stable place to call home. To expand the use of PBVs and enable housing authorities to invest in affordable housing creation, I'm helping lead the introduction of the Housing Access Improvement Act."

"Affordable housing is a fundamental right that more families deserve to have. That is why I proudly support the Housing Access Improvement Act," said Rep. Swalwell. "California has one of the most expensive housing markets in the country. This legislation is a smart budget-neutral solution that would empower local housing authorities to build more affordable housing where it's needed most. By increasing the cap on Project-Based Vouchers (PBVs), we're giving developers the tools they need to create safe and quality homes for hard-working Americans. This a crucial step forward to address our housing crisis in the Bay Area and across the country."

"Affordable housing has been pushed out of reach for too many Americans," said Rep. Sánchez. "Our bill addresses the problem by making it easier for housing authorities and developers to work together to build more affordable housing that we desperately need."

"Providing extra flexibility to Central Coast housing authorities will allow them to better serve the needs of our communities," said Rep. Carbajal. "I am proud to join my Central Coast colleague Congressman Panetta to reintroduce this commonsense policy reform that will expand access to affordable housing in our region and beyond."

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