[Congressional Record Volume 153, Number 57 (Tuesday, April 10, 2007)]
[Senate]
[Pages S4309-S4310]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mrs. CLINTON (for herself, Mr. Martinez, Mr. Kennedy, Mr. 
        Durbin, Mr. Lieberman, Mr. Reed, and Mr. Smith):
  S. 1078. A bill to amend the Internal Revenue Code of 1986 to provide 
incentives for employer-provided employee housing assistance, and for 
other purposes; to the Committee on Finance.
  Mrs. CLINTON. Mr. President, I rise today to reintroduce the Housing 
America's Workforce Act. My legislation will address the need to ensure 
safe, decent, and affordable housing as well as creating and sustaining 
healthy communities for our Nation's workforce. I would also like to 
thank Congresswoman Nydia Velazquez for her leadership in introducing 
the companion bill in the House of Representatives.
  The sad truth is that across the Nation, working full-time no longer 
guarantees the security and comfort of a home. The shortage of 
workforce housing has emerged as a national crisis as housing costs 
have far outgrown the rate of inflation in many markets. As the gap 
between wages and housing costs widens, affordable housing is pushed 
beyond the reach of an increasing number of working families.
  As a result, people who provide the bulk of vital community 
services--teachers, firefighters, police officers, and laundry and 
restaurant workers--often cannot themselves afford to live in the high-
priced communities in which they serve. That is why I am reintroducing 
the Housing America's Workforce Act.
  This bill creates incentives to expand employer assisted housing 
initiatives across the Nation. This legislation offers a tax credit of 
50 cents for every dollar that an employer provides to eligible 
employees, up to $10,000 or six percent of the employee's home purchase 
price, whichever is less, or up to $2,000 for rental assistance.
  In addition, this act defines housing assistance as a nontaxable 
benefit to ensure that employees receive the full value of employers' 
contributions. Finally, the act establishes a competitive grant program 
available to nonprofit housing organizations that provide technical 
assistance, program administration, and outreach support to employers 
undertaking housing assistance initiatives.
  The benefits of this legislation are far reaching. Employees receive 
financial support to buy or rent a home closer to work, while their 
employer enjoys the benefits of a more stable workforce, including 
improved morale, and reduced turnover and recruitment resulting in 
bottom line savings. Furthermore, the surrounding community receives a 
new investment in the form of property taxes, as former commuters buy 
homes near the jobsite.
  Research has shown that this legislation is needed. Recent data shows 
that the number of working families with critical housing problems, 
defined as those paying more than half of their income for housing and/
or living in dilapidated conditions, has increased 67 percent from 1997 
to approximately 5 million families. In addition, a recent workforce 
housing study released by the National Association of Home Builders 
found that workers who provide vital services to the community can only 
find affordable housing in less than half of the Nation's top 25 
metropolitan areas.

[[Page S4310]]

  The Housing America's Workforce Act addresses our Nation's housing 
challenge from a new perspective by allowing the private sector to play 
a direct role in promoting housing affordability. This legislation will 
create opportunities for us as a Nation to expand these public-private 
partnerships and will make a profound impact in the lives of our 
workforce.
  I hope my colleagues will join me in support of this legislation and 
move it to the floor without delay.
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