National CORE Applauds Federal Legislation to Preserve Aging Affordable Housing

Proposed HOPE Act aims to unlock private investment, rehabilitate existing affordable housing, and protect long-term affordability nationwide

National CORE is voicing strong support for newly introduced federal legislation that could significantly expand the nation’s ability to preserve aging affordable housing while encouraging long-term private investment in rehabilitation projects.

Introduced on July 2 by U.S. Representative Mike Carey (R-Ohio), the Housing Opportunities and Preservation (HOPE) Act would establish a new federal tax framework designed to finance the preservation and rehabilitation of existing affordable rental housing. Housing advocates say the proposal addresses one of the most pressing challenges facing communities nationwide: maintaining affordable housing that is rapidly aging while preventing the displacement of low-income residents.

According to the National Low Income Housing Coalition, the United States currently faces a shortage of 7.2 million affordable and available rental homes for extremely low-income households. At the same time, the average federally assisted rental property is now 36 years old, and nearly 375,000 affordable homes are expected to lose their affordability protections within the next five years.

“The HOPE Act would unlock a major new private funding source for preserving our aging housing stock,” said National CORE President Mike Ruane. “It’s an innovative approach to one of the stickiest challenges in affordable housing—how to preserve the nation’s aging affordable housing for future generations.”

National CORE has been actively engaged in advancing affordable housing preservation efforts. Over the past year, the organization has collaborated with Novogradac & Company and a broad coalition of nonprofit housing developers, preservation advocates, finance experts, and policy leaders to explore innovative financing strategies that support long-term preservation.

The coalition believes preserving existing affordable housing must become a central component of any comprehensive strategy to address the nation’s housing crisis. Renovating existing communities is often more cost-effective than building new housing, while also allowing families, seniors, veterans, and individuals with disabilities to remain in stable communities rather than face displacement.

If enacted, the HOPE Act would create new incentives for private investors by establishing tax benefits for qualified affordable housing preservation projects. Eligible developments would be required to be at least 15 years old, undergo substantial rehabilitation, and remain affordable to low-income households for a minimum of 20 years. Eligible property owners would include nonprofit organizations, public housing agencies, tribal housing authorities, and state and local governments.

Michael Novogradac, Managing Partner of Novogradac & Company, said the legislation complements recent federal efforts to expand affordable housing development.

“While Congress’ permanent expansion of the Low-Income Housing Tax Credit last year is historic and critical for affordable rental housing, especially for new construction, the nation’s need for preservation outstrips these expanded resources,” Novogradac said. “This bill provides nonprofit owners of rental housing a flexible financing tool targeted to individual investors to address the growing national need to preserve the nation’s affordable rental housing stock.”

Affordable housing advocates also emphasize that preserving existing communities protects vulnerable populations while strengthening neighborhoods over the long term.

“We need to preserve existing homes so low-income seniors, working families, and people with disabilities can continue to remain in high-quality apartments and not be displaced,” said Aaron Gornstein, President and CEO of Preservation of Affordable Housing (POAH). “The HOPE Act will expand private sector investment so that more affordable homes can be renovated by nonprofit organizations that commit to long-term affordability requirements.”

The legislation has been referred to the House Ways and Means Committee, where Rep. Carey serves as a member. If approved, housing leaders believe the HOPE Act could become one of the most significant federal preservation initiatives in recent years, providing nonprofit housing organizations with a dedicated financing tool to modernize aging properties while ensuring affordable housing remains available for generations to come.