May 6, 2022
The Kansas Affordable Housing Tax Credit Act was recently signed into law by Gov. Laura Kelly to spur stable housing availability as the cost of living continues to increase across the country. Impact investors like Advantage Capital – which supported the Kansas bill throughout the process and has advocated for access to affordable homes across America – are eager to help housing developers deliver on the ambitious and essential projects needed in critical parts of the state.
“Rising rents and deepening income inequality continue to grow the need for public-private partnerships that expand safe, quality affordable housing for historically underserved families and communities,” said Jonathan Goldstein, Managing Director, Advantage Capital. “Affordable homes are scarce in every state in the nation, in small towns and metropolitan areas alike. We congratulate Kansas for taking real action to address the crisis.”
The U.S. consistently falls short of the number of affordable housing units available for those most in need—a 7.2-million-unit deficit. Research shows there is a shortage of more than 50,000 rental homes affordable and available to extremely low-income renters across Kansas. With the Kansas Affordable Housing Tax Credit Act, the state has authorized approximately $100 million in credits over the next ten years to incentivize investment and accelerate development.
“Our legislation to create more affordable housing is one of the most important pieces of legislation I’ve worked on in my 17 years in the Kansas Legislature,” said Senator Rob Olsen, Chair of Federal State Committee and bill sponsor. “Developing quality, affordable housing in Kansas is the type of economic development that will attract new businesses and will help Kansans raise their families here.”
Advantage Capital has invested more than $545 million in affordable housing projects across the country—supporting more than 8,000 housing units for low-income families.
“For 30 years, we have invested in neighborhoods overlooked by traditional forms of capital, creating much needed jobs and services for their residents” said Steven Stull, President, Advantage Capital. “Investing in the development of quality affordable housing for these same communities only strengthens that positive and lasting economic advancement. We offer the capital catalyst and industry expertise to aide dedicated developers in their pursuit of these important projects.”
About Advantage Capital
Advantage Capital provides financing to established and emerging companies located in communities underserved by conventional sources of capital. Since 1992, the firm has invested more than $3.6 billion in companies from a diverse array of industry sectors and has helped support more than 66,000 jobs. Learn more at AdvantageCap.com or LinkedIn.
Contacts
Advantage Capital
Jeff Grass, Vice President, Communications
Advantage Capital
Joe Stosberg, Communications Manager
