[Congressional Record Volume 149, Number 164 (Wednesday, November 12, 2003)]
[Extensions of Remarks]
[Page E2291]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

[[Page E2291]]
     INTRODUCTION OF AFFORDABLE HOUSING PRESERVATION TAX RELIEF ACT

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                            HON. JIM RAMSTAD

                              of minnesota

                    in the house of representatives

                      Wednesday, November 12, 2003

  Mr. RAMSTAD. Mr. Speaker, today I am introducing the ``Affordable 
Housing Preservation Tax Relief Act,'' legislation to maintain and 
increase the stock of affordable housing in this country. I am 
delighted to be joined in this effort by my friend and colleague from 
Maryland, Mr. Cardin.
  In 1999, Congress recognized the need to look at this issue by 
establishing the bipartisan Millennial Housing Commission (MHC). That 
Commission was charged with taking a thorough look at what the 
government was doing to fill the huge unmet gap for affordable housing.
  The MHC released their report in May of 2000. The report stated, ``In 
1999 one in four--almost 28 million--American households reported 
spending more on housing than the Federal Government considers 
affordable and appropriate (more than 30 percent of income).''
  The MHC report also contained a list of 13 recommendations for making 
housing more affordable. One of those recommendations was for Congress 
to provide a ``new tool'' to encourage the transfer of affordable 
housing to entities that agree to maintain these properties and keep 
them affordable. They recommended doing so by forgiving the depreciated 
recapture tax for owners who sell their properties to purchasers who 
agree to maintain them for a 30-year period and to keep them 
affordable. The MHC recommendation would still hold owners responsible 
for any capital gains taxes due above and beyond the depreciated 
amount.
  The lack of affordable housing is something I hear about and see all 
across my congressional district and my State. Indeed recent data shows 
that approximately 35 percent of renters in Minnesota pay over 30 
percent of their income on housing and 15 percent of renters pay over 
50 percent of their income on their housing.
  The legislation we are introducing today tracks closely with the 
recommendation made by the MHC. I believe enactment of this legislation 
would be an important step toward maintaining and increasing affordable 
housing in this country, and I urge my colleagues to join me as a 
cosponsor of this legislation.

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