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Congresswoman Beatty introduces NEW HOUSE Act

August 2, 2013

Beatty introduces NEW HOUSE Act

Legislation would create incentives for job growth and support affordable housing for families

(Washington, D.C.) – Congresswoman Joyce Beatty (OH-03) released the following statement detailing a bill she sponsored, The National Expansion of Working-families Housing Options Using Small Enterprises (NEW HOUSE) Act.

Today, Congresswoman Joyce Beatty (OH-3) introduced legislation entitled The National Expansion of Working-families Housing Options Using Small Enterprises (NEW HOUSE) Act. This legislation would provide a prime opportunity to both support small businesses and increase the supply of affordable housing units available to rent or own.

The legislation would amend the State Small Business Credit Initiative (SSBCI) of the 2010 Small Business Jobs Act, P.L. 111-240, to require state business development agencies to designate already-appropriated funds for small businesses to purchase, rehabilitate, or operate affordable housing units. These funds would then be leveraged 10-to-1 for creating jobs in the housing industry, increasing the supply of affordable housing, and supporting the critical efforts needed to improve local housing markets.

“The NEW HOUSE Act would help to significantly increase the supply of affordable housing in our communities, sustain investments in small businesses, and create new jobs in the process. By encouraging a private-public partnership with the leveraging of federal dollars, this bill would both assist in job-growth, improve housing markets by removing blighted housing stock, and afford more families the opportunity to safe, affordable housing.”

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Greg Beswick I Rep. Joyce Beatty (OH-03) I District and Communications Director I 614.220.0003