Rep. Clark Introduces Legislation to Exempt Public Housing Rehab from Bond Cap

Representative Katherine Clark (D-MA) introduced the Support Allowing Volume Exception for (SAVE) Federally-Assisted Housing Act, a targeted effort to address the national shortage of affordable housing units by freeing up the availability of private activity bonds used to support the preservation, improvement or replacement of federally-assisted housing facilities. Clark introduced the bill along with Reps. Kenny Marchant (R-TX) and Gil Cisneros (D-CA).

Clark announced the legislation at a press conference outside of the Cambridge Housing Authority development in John Corcoran Park alongside Cambridge Mayor Sumbul Siddiqui, Michael Johnston, the executive director of the Cambridge Housing Authority, and other elected leaders. In Cambridge alone, the legislation would help save 526 existing affordable housing units that are currently at risk of being closed, build up to 444 new units, support $450 million in construction improvements, spurring job creation and economic activity in the city, and house 970 additional families.