If you rent an affordable apartment, or you're searching for one, there's a new bill in Congress you should know about. It's called the HOPE Act, and it could change how older affordable housing buildings are fixed up and kept affordable for years to come.
Across the country, cities are running short on affordable rental homes, and the ones that already exist aren't getting any younger. Many were built decades ago and now need serious repairs. At the same time, the tax rules that originally kept their rents affordable are running out. When that happens, owners are free to raise rents to whatever the market allows, and the community loses those homes for good. The HOPE Act is one attempt to fix that problem before it gets worse.
Here's what's happening, why it matters, and what it could mean for you.
Why So Many Affordable Apartments Are at Risk
Many of the affordable apartments people rely on today were built using a program called the Low-Income Housing Tax Credit, or LIHTC. Since 1986, this program has helped build or fix up millions of affordable rental homes across the country by giving tax breaks to the people who invest in them, according to HUD's housing data center.
But there's a catch. These tax breaks only last for a set number of years. Once that time is up, the owner of the building is no longer required to keep rents low. That means the building can be turned into a regular, market-rate apartment building with much higher rent.
A lot of these buildings are now old enough that their affordability rules are expiring, or will expire soon. Many were built more than 15 years ago and need real repairs, like new roofs, plumbing, or electrical systems. Without money to fix them up and a reason to keep rents low, owners may sell to buyers who raise the rent, and the community loses those affordable homes for good.
This isn't a small, isolated issue. The LIHTC program has helped create millions of affordable rental homes since it began, and a large share of those properties are now old enough to be at risk of losing their affordability requirements in the coming years. Once a building converts to market rate, it's very difficult and expensive to bring it back into the affordable housing supply. That's why lawmakers are looking for new tools to keep existing affordable buildings affordable, instead of only focusing on building new ones.
What the HOPE Act Would Do
On June 24, 2026, Representative Mike Carey (R-Ohio) introduced a bill called the Housing Opportunities and Preservation Enhancement (HOPE) Act, also known as H.R. 9573. The goal is simple: give investors a reason to buy older affordable housing buildings, fix them up, and keep them affordable instead of letting them convert to market rate.
Here's who and what would qualify. A building would need to:
- Be at least 15 years old
- Be owned by a partnership involving a nonprofit, a local government, a tribal housing agency, or a public housing authority
- Have at least 70% of its apartments rented to households earning 80% or less of the area's median income
- Go through a major renovation within 24 months, spending at least 20% of the building's value or $20,000 per unit, whichever is higher
If a building meets these rules, investors who help pay for the rehab would get some valuable tax benefits, according to reporting from Thomson Reuters Tax & Accounting:
- Easier tax rules. Normally, investors can only deduct rental losses against other rental income. This bill would let them deduct losses from these properties against other types of income too.
- No "profit motive" test. Right now, the IRS can question deals that don't look like they're meant to make a profit. This bill removes that requirement for these particular properties, since the whole point is keeping rents affordable, not maximizing profit.
- Faster tax write-offs. The bill sets a 15-year depreciation schedule, which is more generous than what's normally allowed for rental housing. This helps investors recover their costs faster.
- A safeguard for the community. After 10 years, a government housing agency or an approved nonprofit would have the right to buy the property first, at a fair below-market price, before it could be sold to anyone else. This helps make sure the building stays affordable long-term instead of quietly becoming market-rate housing.
An independent CPA or attorney would also need to confirm that the rehab spending actually happened, which adds a layer of accountability to the whole process.
Why This Matters Beyond the Tax Code
It's easy to read a bill like this and think it's only about paperwork and tax rules for investors. But the real goal is about people. Every apartment that gets renovated and kept affordable is one less family forced to move because rent jumped too high, or one less senior citizen who has to leave the neighborhood they've lived in for decades.
Congressman Carey put it simply when he introduced the bill: the goal is to "rehabilitate aging rental properties, expand access to quality affordable housing, and encourage partnerships that put residents first."
This bill also comes right after Congress passed a bigger housing package, the 21st Century ROAD to Housing Act (H.R. 6644), which became law on July 11, 2026. That shows lawmakers on both sides are paying more attention to the housing shortage than they have in years, and preservation of existing affordable homes, not just building new units, is becoming a bigger part of the conversation.
It's also worth noting who this bill is designed to help attract as investors. The HOPE Act is built around partnerships that include nonprofits, local governments, tribal housing agencies, and public housing authorities. These are groups that are already focused on community needs rather than just profit. By making it easier and more financially worthwhile for everyday investors to team up with these groups, the bill tries to bring more private money into deals that keep housing affordable, instead of relying only on limited government funding.
What Happens Next
Right now, the HOPE Act is still just a bill. It has been introduced in the House and referred to committee, but it has not passed yet. Bills like this often take months, or longer, to move through Congress, and some never make it to a vote at all. You can follow the bill's progress yourself through the official government tracker at Congress.gov, which shows every step a bill takes before it can become law.
If it does pass, it likely won't change your rent overnight. But over the next few years, it could mean more older affordable buildings get the repairs they need instead of being sold off and priced out of reach.
What You Can Do in the Meantime
Laws take time, but housing needs don't wait. If you're currently looking for an affordable place to rent, you don't have to search alone or guess which buildings still have openings.
Our partner site, Section8Search.org, makes it easier to find affordable rental listings and Section 8 housing options in your area. It's a good next step if you're trying to find a safe, affordable home right now, while bills like the HOPE Act make their way through Congress.
Housing policy can feel complicated, but the goal behind it isn't. It's about making sure people have a stable, affordable place to live. We'll keep watching this bill and others like it, and we'll keep you updated as things change.
