March promises to be a crucial month for affordable housing. That’s when housing advocates anticipate the Senate may vote on a bill that could usher in the largest investment in affordable homes in decades. On January 31, the House passed a tax package containing two key Housing Credit provisions by an overwhelming 357-70 vote. The bill, the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) contained two key provisions that would bolster the Low-Income Housing Tax Credit (Housing Credit), which is responsible for financing nearly all affordable housing development in the United States.

As climate change intensifies, severe flood events have become more commonplace across the entire U.S. Extreme flooding disproportionately impacts low-income communities and people of color because they often live in areas that are more prone to flooding, in housing stock not well suited to weather such events, and lack adequate disaster plans as well as the financial means to evacuate and/or temporarily relocate.