JEC Releases Report on the State of the Rural Economy

Senator Martin Heinrich (D-NM), Ranking Member of the Joint Economic Committee, released a report, Investing in Rural America, which provides a deep dive into the current state of the rural economy and the policies that may help advance opportunity in rural areas — including opportunities for affordable housing. Among the report’s key takeaways: rural residents enjoy higher homeownership rates than their urban counterparts, but have fewer adequate and affordable rental homes available, particularly in Indian Country; there is limited access to mortgage credit, and community banks can fill critical gaps left by closed big banks; investing in housing revitalization can help attract and retain a high-skilled workforce; and preparing for the growing elderly population requires ensuring aging rural residents can remain in their communities. The Affordable Housing Credit Improvement Act (S. 548 and H.R. 1661) would help address the need for affordable rental housing in rural areas, as well as the need for rental housing that is affordable to senior populations, by enacting provisions to strengthen the Housing Credit.