Affordable Housing and Area Median Income Fairness Act of 2024
The legislative intent behind SB3914 is to address the ongoing affordable housing crisis, particularly in urban areas where rent burdens are disproportionately high for low-income households. By revising the methodology used to calculate AMI, the bill seeks to provide a framework for more accurate income assessments that reflect the realities of high-cost areas. This, in turn, is expected to enhance access to housing assistance for families that are often left behind due to outdated metrics.
SB3914, known as the Affordable Housing and Area Median Income Fairness Act of 2024, aims to increase the supply of and decrease rents for affordable housing while reforming the calculation of area median income (AMI) for federal low-income housing assistance programs. This bill authorizes significant funding allocations for various housing assistance programs, specifically targeting jurisdictions facing high housing costs. Over the fiscal years 2025 to 2034, it proposes allocating $5 billion annually to the Home Investment Partnerships Program and the Community Development Block Grants among other essential programs, focusing on regions adjusted for high housing costs.
Debate surrounding SB3914 is expected as stakeholders evaluate its implications for state laws and local governments. Concerns have been raised about the potential effects of high housing cost adjustments on fiscal appropriations and on the long-term viability of funding for existing housing projects. Supporters argue that the bill is crucial for supporting low-income families and alleviating housing burdens, while opponents might highlight fears of increased federal oversight and regulatory complexities that could deter local housing initiatives.