LOUISVILLE, Ky. (KT) – A new group announced its formation on Friday with the goal of having the General Assembly enact workforce housing tax credits.
The Commonwealth Alliance for Housing Solutions was joined by State Representatives Randy Bridges, R-Paducah, and Kim Banta, R-Ft. Mitchell, at the event, in calling for the tax credit in an effort to encourage building more affordable housing.
“It’s past time for Kentucky to establish a workforce housing tax credit to help thousands of individuals and families across our Commonwealth,” Bridges stated.
“We know that housing solutions are needed for members of our workforce, veterans, retirees, children, and others. I am excited to support these efforts and encourage my fellow legislators to as well,” said Banta.
During the event, Tiffany Marthaler from the Commonwealth Alliance for Housing Solutions noted that prior to COVID-19, Kentucky was short 75,000 units for affordable housing.
Advocates say with the construction of 6,559 new affordable housing units, models predict $178.7 million in tax revenues for state and local governments and the creation of 3,539 jobs each year of the program.
“The housing crisis has only worsened with the financial havoc wreaked by the pandemic and the rising construction and housing costs,” Marthaler said. “As part of the solution, CAHS is advocating for a workforce housing tax credit, which has proven successful in other states and could nearly double the number of units produced per year.”
The alliance and its supporters say affordable housing tax credit legislation will help Kentucky families afford adequate housing, help stimulate the economy, and help solve the affordable housing crisis in the state.
To find out more about Commonwealth Alliance for Housing Solutions and its members, you can visit https://www.housingsolutionsky.com.