Over 2,000 organizations and businesses from across the nation are calling on Congress to support the Affordable Housing Credit Improvement Act (H.R. 1661), bipartisan legislation introduced by Representative Pat Tiberi (R-OH-12) and House Ways and Means Committee Ranking Member Richard Neal (D-MA-1) to strengthen the Low-Income Housing Tax Credit (Housing Credit).
The letter submitted on behalf of the ACTION Campaign urges Congress to support the Tiberi-Neal bill, which includes provisions to provide states with additional flexibility, make the financing of affordable housing more predictable and streamlined, facilitate Housing Credit development in challenging markets like rural and Native American communities, increase the Housing Credit’s ability to serve extremely low-income tenants, and support the preservation of existing affordable housing. The legislation also contains important provisions that would support development of rental homes using the Housing Credit coupled with multifamily Housing Bonds, which currently provide critical financing to roughly 40 percent of Housing Credit apartments.
The Tiberi-Neal bill was introduced with 16 original co-sponsors, of which 13 are members of the House Ways and Means Committee. Since the bill was introduced, several additional members have joined as co-sponsors, signaling strong bipartisan support for the Housing Credit in a year that Congress hopes to achieve comprehensive tax reform.
The Tiberi-Neal bill is companion legislation to the Affordable Housing Credit Improvement Act of 2017 (S. 548), introduced by Senator Maria Cantwell (D-WA) and Senate Finance Committee Chairman Orrin Hatch (R-UT) earlier in March. The ACTION Campaign previously sent a letter to Congress on behalf of over 2,000 organizations and businesses in support of the Cantwell-Hatch bill. While the House version does not include the 50 percent cap increase on Housing Credit allocation authority that is included in the Senate version, the House bill does include the roughly two-dozen other provisions to strengthen the Housing Credit that are included in the Cantwell-Hatch bill. The ACTION Campaign fully supports the House bill and will continue to advocate for a cap increase in any tax legislation that moves forward in Congress.
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