[Congressional Record Volume 162, Number 67 (Friday, April 29, 2016)]
[Extensions of Remarks]
[Page E633]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




  INTRODUCTION OF THE JUMPSTART HOUSING OPPORTUNITIES UTILIZING SMALL 
                        ENTERPRISES ACT OF 2016

                                 ______
                                 

                           HON. JOYCE BEATTY

                                of ohio

                    in the house of representatives

                         Friday, April 29, 2016

  Mrs. BEATTY. Mr. Speaker, recent studies show that 21.3 million 
households pay more than 30 percent of their incomes towards rental 
housing, up from 14.8 million in 2001. In turn, the demand for low-cost 
rental housing has increased as the supply of affordable rental units 
has decreased. Nationwide, there is a shortage of affordable housing 
options available to low- and middle-income Americans. That is why I am 
introducing the Jumpstart Housing Opportunities Utilizing Small 
Enterprises Act of 2016 or Jumpstart HOUSE Act.
  In 2010, President Obama signed the Small Business Jobs Act, P.L. 
111-240, which created the State Small Business Credit Initiative 
(SSBCI). Funded with $1.5 billion, the SSBCI disperses funds to 
participating states who in turn use credit support programs and state-
sponsored venture capital programs to award funding to small 
businesses. Without reauthorization, the SSBCI is set to expire at the 
end of FY17. The Jumpstart HOUSE Act would reauthorize the SSBCI 
program for an additional 8 years with $1.5 billion in new funding. 
Additionally, it will improve the program by requiring state business 
development agencies to set aside the lesser of $2.5 million or 10 
percent of unobligated funds, for small businesses to purchase, 
rehabilitate, or operate affordable housing units.
  Since its inception, the SSBCI program has created or retained over 
140,000 jobs, as well as, supported over 12,400 private sector loans to 
small businesses, 42 percent of which were made to low- and moderate-
income communities. As we continually look for ways to advance economic 
growth, it is critically important to renew the SSBCI program to 
increase availability of credit for small businesses, generate jobs, 
and stimulate economic development. It also is critically important to 
improve the program by amending it to direct funds to job-creating 
small businesses that focus on increasing the stock of affordable 
housing units. The Jumpstart HOUSE Act would accomplish both of these 
goals.
  The SSBCI program has demonstrated proven success in leveraging 
federal dollars to generate private access to capital for small 
businesses. Let's build off of SSBCI's success and extend it to 
increasing the supply of affordable housing nationwide.
  I urge my colleagues to become a co-sponsor of the Jumpstart Housing 
Opportunities Utilizing Small Enterprises Act of 2016.

                          ____________________