Supporting bipartisan policies to tackle the national housing supply shortage

Across the nation, American families continue to grapple with an unaffordable housing market. The severe shortage of up to 5.5 million rental and for-sale homes—coupled with high interest rates and growing economic uncertainty—limits families from accessing housing that is affordable. This persistent lack of housing supply is a significant barrier to household economic mobility and an impediment to community and regional economic prosperity.

As a leading affordable housing capital provider, we know how foundational access to housing is for individuals and families across the country. That is why we believe that increasing housing supply across the income spectrum and throughout urban and rural communities in the United States is so vital to economic stability and growth. Recently introduced bipartisan bills in both the House and Senate aim to tackle this pressing challenge by measurably increasing housing supply and fostering a pro-growth economy:

• Affordable Housing Credit Improvement Act: The bipartisan Affordable Housing Credit Improvement Act of 2025 (H.R. 2725, S. 1515) would strengthen and expand the Low Income Housing Tax Credit (LIHTC) program, a key tool for financing affordable rental housing. By leveraging public-private partnerships, LIHTC has facilitated the construction of 4 million affordable homes and generated significant economic benefits, including 6.6 million jobs and $268.1 billion in tax revenue. If enacted, AHCIA is estimated to support the addition of nearly 1.6 million homes to the housing stock over the next decade.
• Neighborhood Homes Investment Act: The bipartisan Neighborhood Homes Investment Act (H.R. 2854) aims to boost affordable homeownership by addressing financing gaps for acquiring and rehabilitating single-family homes in distressed neighborhoods where rehab costs surpass sale values. This innovative new tax credit would fill a market gap that currently limits homeownership construction opportunities. If enacted, NHIA could add 500,000 starter homes in underserved areas, spurring $151 billion in economic growth and creating 1.1 million jobs.
• New Markets Tax Credit Extension Act: The bipartisan New Markets Tax Credit Extension Act (H.R. 1103, S. 479) seeks to increase access to financing for economic development activities by expanding the New Markets Tax Credit program.  The bill would strengthen the delivery of essential facilities and small businesses by increasing tax credit allocations, adding flexibility for qualifying projects—including housing—and making the tax credit a permanent source of financing for economic development.

“JPMorganChase is committed to leveraging business practices, philanthropic investments, community partnerships, and research to increase housing supply across the country,” said Vince Toye, Head of Community Development Banking at JPMorganChase. “Through our business relationships and community partnerships with housing and community leaders across the country, we have seen firsthand the challenges that families and businesses face in accessing stable and affordable housing and the impact it has on their lives and the economy. Recent bipartisan momentum to strengthen and expand proven housing supply solutions can help accelerate a pro-growth economy that works for everyone.”

As the housing market reaches a critical juncture, JPMorganChase has convened a series of conversations with key housing stakeholders to identify and advance proven solutions to the nation’s housing challenges, including a Housing Policy Forum on solutions to stabilizing the stock of affordable housing, co-hosted with Enterprise Community Partners, and an action-oriented housing supply policy discussion in Chicago, in partnership with Axios.

We look forward to continuing to work with policymakers, housing experts, and community leaders to help address the nation’s housing challenges. To read our full federal housing priorities and learn more visit https://www.jpmorganchase.com/impact/policy-center/community-development.