Rhode Island House Speaker K. Joseph Shekarchi appeared before the U.S. Senate Budget Committee this week to address the economic risks tied to housing unaffordability. Invited by U.S. Senator Sheldon Whitehouse (D-RI), who chairs the committee, Shekarchi testified in support of the Affordable Housing Construction Act, a proposal aimed at expanding the Low Income Housing Tax Credit (LIHTC) program. The act is sponsored by Whitehouse and cosponsored by Senator Jack Reed (D-RI), who also introduced Shekarchi at the hearing.
“Housing issues are not unique to Rhode Island,” Shekarchi said. “At a recent National Governors Meeting, every state listed housing as its top concern. HUD estimates the national housing shortage exceeds six million homes.”
Shekarchi emphasized that increasing the LIHTC would be a critical step in attracting private investments in affordable housing. “We need to use every tool at our disposal, and LIHTCs have proven to be an effective solution,” he said. He expressed gratitude to both senators for their leadership on the issue and praised their efforts to find “innovative solutions” to the housing crisis.
During his testimony, Shekarchi highlighted his efforts in Rhode Island, where he has helped pass nearly 50 new housing laws and established several legislative study commissions to tackle the issue.
“Rhode Island’s small size makes us an ideal partner for federal housing initiatives,” Shekarchi noted. “We’re nimble, and we’ve demonstrated that we can quickly move on legislation. Rhode Island is the perfect place to pilot creative housing programs, and I look forward to continuing to work with our federal partners to address this pressing issue.”
The Affordable Housing Construction Act is part of a broader federal push to alleviate the national housing shortage, with Rhode Island poised to be a key player in the conversation.
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