The ACTION Campaign has submitted a statement to the House Ways and Means Committee in response to a May 18 hearing on “How Tax Reform Will Grow Our Economy and Create Jobs,” urging the committee to expand and strengthen the Housing Credit and protect multifamily Housing Bonds as part of any tax reform effort to grow our economy and create jobs.
Our comments describe the Housing Credit’s 30-year track record of success, as well as the host of positive impacts that Housing Credit development has on local economies and communities – including creating jobs, generating local income and tax revenue, revitalizing distressed communities, increasing property values and reducing poverty, crime, and racial and economic isolation. We also discuss the importance of the Housing Credit in preserving our existing investments in affordable housing, as well as the drain that a lack of affordable housing has on our economy.
We urge the Ways and Means Committee to advance the Affordable Housing Credit Improvement Act (H.R. 1661), sponsored by Representative Pat Tiberi (R-OH-12) and Ways and Means Committee Ranking Member Richard Neal (D-MA-1), as a way to support investment in the Housing Credit through tax reform. We also call on Congress to expand the Housing Credit and retain the tax exemption on multifamily Housing Bonds.