{"database": "press", "table": "releases", "rows": [["https://carey.house.gov/2026/07/02/carey-introduces-housing-and-preservation-enhancement-act/", "Carey Introduces Housing and Preservation Enhancement Act", "2026-07-02", "2026", "2026-07", "Republican", "House", "OH", "Mike Carey", "C001126", "carey.house.gov", "carey", "https://carey.house.gov/press-releases/", "scraper", "WASHINGTON, D.C. \u2013 Today, U.S. Rep. Mike Carey (R-Ohio-15), a member of the Ways & Means Committee, introduced the Housing Opportunities and Preservation Enhancement (HOPE) Act to create new tax incentives that encourage the renovation of older, existing rental properties to preserve them as affordable housing.\n\n\u201cWe were able to expand and make permanent the Low-Income Housing Tax Credit through the Working Families Tax Cuts, and this legislation builds on that success by preserving more affordable housing for the families who need it most,\u201d said Rep. Mike Carey. \u201cThe Housing Opportunities and Preservation Enhancement Act will help rehabilitate aging rental properties, expand access to quality affordable housing, and encourage partnerships that put residents first. By modernizing the tax code, we can ensure more hardworking families have access to safe, affordable places to call home.\u201d\n\n\u201cCongress has begun to build real momentum around addressing America\u2019s housing crisis,\u201d said Michael Ruane, President of National CORE. \u201cThe proposed HOPE Act recognizes that we can\u2019t solve that challenge by building alone. We also have to preserve the affordable homes we already have, and this bill gives us an innovative new way to do exactly that.\u201d\n\n\u201cThe HOPE Act would provide a critical tool for nonprofit developers like National Church Residences to preserve existing affordable housing by enabling additional private investment and equity partnerships from individual investors,\u201d said Matthew Rule, Senior Vice President, Housing Development and Asset Management for National Church Residences. \u201cWe view the HOPE Act as a natural complement to the LIHTC program and an essential component of a comprehensive affordable housing strategy, and we strongly endorse its passage.\u201d\n\n\u201cI applaud Congressman Mike Carey for his leadership in introducing and championing the Housing Opportunities and Preservation Enhancement or HOPE Act,\u201d said Michael Novogradac, Managing Partner of Novogradac & Company. \u201cWhile Congress\u2019 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\u2019s need for preservation outstrips these expanded resources. 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\u2019s affordable rental housing stock in a way that would complement, not replace or substitute, the historic Housing Credit expansion.\u201d\n\nBackground:\n\nThis bill amends the Internal Revenue Code to encourage the purchase and major renovation of existing residential rental properties that are at least 15 years old.\n\nTo qualify for these new tax incentives, a property must undergo significant rehabilitation of at least $20,000 per unit and be owned by partnerships involving non-profit, government, or tribal entities.\n\nThe legislation targets affordable housing by requiring at least 70% of the units to be rent-restricted for families making 80% or less of the local area median income.\n\nIt ensures long-term preservation through a 10-year right of first refusal for qualified buyers at below-market prices while cutting IRS red tape by exempting investors from standard passive activity loss and profit-motive restrictions.\n\n###", 1, "2026-07-03T08:00:00Z", "2026-07-03T08:01:30Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://carey.house.gov/2026/07/02/carey-introduces-housing-and-preservation-enhancement-act/"], "units": {}, "query_ms": 4.248129669576883, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}