Landmark Legislation Would Accelerate Preservation of Nation’s Aging Affordable Housing
(Photo: National CORE)
RANCHO CUCAMONGA, Calif. — National CORE is applauding newly introduced federal legislation that would establish a new tax framework designed to preserve America's aging affordable housing while encouraging long-term private investment in rehabilitation projects.
Introduced on July 2 by U.S. Representative Mike Carey (R-Ohio), the Housing Opportunities and Preservation (HOPE) Act seeks to create new funding mechanisms to help preserve and rehabilitate existing affordable rental housing across the country.
The proposal comes as the nation faces a significant affordable housing shortage. According to the National Low Income Housing Coalition, the United States is currently short 7.2 million affordable and available rental homes for extremely low-income households. At the same time, the average federally assisted rental property is now 36 years old, and nearly 375,000 affordable homes are projected to lose their affordability protections over the next five years.
"The HOPE Act would unlock a major new private funding source for preserving our aging housing stock," said Mike Ruane, President of National CORE. "It's an innovative approach to one of the biggest challenges in affordable housing—ensuring today's affordable homes remain available for future generations."
Housing advocates across the country have increasingly emphasized that preserving existing affordable housing must be a central component of any comprehensive strategy to address the nation's housing crisis.
Over the past year, National CORE has worked alongside Novogradac & Company and a broad coalition of affordable housing organizations to explore innovative financing strategies that support long-term housing preservation.
The coalition includes nonprofit housing developers, preservation advocates, and affordable housing finance experts committed to strengthening the tools available to protect affordable housing for decades to come.
Preserving existing affordable housing is often significantly less expensive than replacing it with new construction. It also helps prevent resident displacement while preserving stable neighborhoods. Despite its importance, however, affordable housing preservation has historically lacked dedicated federal financing tools capable of meeting the growing need.
The HOPE Act seeks to change that.
The legislation would encourage greater private investment by creating a new federal tax framework for qualified affordable housing preservation projects. The proposal includes incentives designed to reward long-term rehabilitation investments while maintaining affordability for low-income residents.
To qualify, properties must:
- Be owned by a qualified nonprofit organization, public housing agency, state or local government, or tribal housing agency;
- Be at least 15 years old;
- Undergo substantial rehabilitation; and
- Remain affordable to low-income households for a minimum of 20 years.
"While Congress' permanent expansion of the Low-Income Housing Tax Credit last year was historic and critically important for affordable rental housing, particularly new construction, the nation's preservation needs extend well beyond those resources," said Michael Novogradac, Managing Partner of Novogradac & Company. "This legislation provides nonprofit housing owners with a flexible financing tool designed to attract individual investors while complementing—not replacing—the expanded housing tax credit."
Affordable housing leaders say the legislation would also help nonprofit organizations renovate more aging properties while ensuring long-term affordability.
"We need to preserve existing homes so low-income seniors, working families, and people with disabilities can continue living in quality affordable housing without being displaced," said Aaron Gornstein,
President and CEO of POAH. "The HOPE Act will expand private-sector investment, enabling nonprofit organizations to renovate more affordable homes while committing to long-term affordability."
The HOPE Act has been referred to the House Ways and Means Committee, where Rep. Carey serves as a member.






