Congresswoman Tenney Highlights the One Big Beautiful Bill’s Role in Improving the Affordable Housing Tax Credit

Oswego, New York — Congresswoman Claudia Tenney (NY-24)  today underscored the One Big Beautiful Bill Act’s critical role in strengthening affordable housing and addressing the nationwide housing shortage. 

Housing is one of the greatest challenges facing New York and the nation. Experts estimate that the U.S. is short between 4 and 7 million homes, driving up prices and squeezing families already grappling with high interest rates. In New York, nearly 40% of households spend over 30% of their income on housing, with more than one in five severely cost-burdened, paying more than 50% of their income. Between 2012 and 2022, New York added only 462,000 housing units, ranking 32nd nationwide in growth, while rental costs jumped nearly 40%. Federal action was urgently needed to reverse this trend, strengthen communities, and restore economic opportunity.

The One Big Beautiful Bill delivers solutions by expanding the Low-Income Housing Tax Credit (LIHTC), which has been an extremely successful affordable housing tool. The bill makes a permanent increase in state allocations and lowers the bond-financing threshold from 50% to 25%, unlocking new construction in both rural and high-cost areas. These reforms reduce barriers to investment, spur private-sector development, and expand housing options for working families, seniors, veterans, and vulnerable populations. By modernizing LIHTC, the bill will not only increase housing supply but also create jobs, revitalize downtowns, and stabilize costs for families.

“New York families face some of the steepest housing costs in the nation, while Albany’s failed leadership stalls growth and worsens the crisis,” said Congresswoman Tenney. “The One Big Beautiful Bill offers real, workable solutions by strengthening affordable housing, attracting private investment through LIHTC, and ensuring taxpayer dollars are used to serve American families. This bill will help deliver well over a million new homes nationwide, while directly supporting families in Upstate New York and across the country.”

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