ACTION is working to ensure that the Affordable Housing Credit Improvement Act (S. 548/H.R. 1661) is well positioned to be added to any potential tax legislative vehicle that Congress could consider this year. It is possible that a tax package could move in concert with an omnibus spending package or separately with either disaster assistance legislation or attached to a bill renewing expiring tax provisions. Legislation may come together quickly, and it is incumbent on our continued advocacy to ensure that leadership is hearing from members of Congress that the Affordable Housing Credit Improvement Act should be included.
In light of the additional shortage of units that will result from the Tax Cuts and Jobs Act, it is more critical than ever to enact the Affordable Housing Credit Improvement Act, which would expand Housing Credit resources by 50 percent – making up for the expected loss in production while also making a meaningful dent in addressing the nation’s affordable housing crisis. We encourage all ACTION members to reach out to your members of Congress, especially Republicans, asking that they urge leadership to include the Affordable Housing Credit Improvement Act in any upcoming tax legislation. Use our Advocacy Toolkit to continue making the case for the Affordable Housing Credit Improvement Act.
Rep. Curbelo Takes Over as Lead House Sponsor on Affordable Housing Credit Improvement Act
Rep. Pat Tiberi (R-OH-12), former lead sponsor of the Affordable Housing Credit Improvement Act (H.R. 1661) and House Ways and Means Committee member, officially departed the House on January 15 to lead the Ohio Business Roundtable. Taking his place as lead sponsor on the Affordable Housing Credit Improvement Act (H.R. 1661) is Rep. Carlos Curbelo (R-FL-26), an original co-sponsor of H.R. 1661 and a member of the Ways and Means Committee. ACTION thanks Rep. Tiberi for being a long-time champion of the Housing Credit, and we look forward to working with Rep. Curbelo to advance the Affordable Housing Credit Improvement Act.
Two new co-sponsors have joined H.R. 1661 since tax reform was passed – Rep. Peter Roskam (R-IL-6) and Rep. Rodney Davis (R-IL-13) – bringing the total co-sponsorship on the House bill to 124 representatives – 62 Democrats and 62 Republicans. The Senate version of the bill, S. 548, has 23 co-sponsors – 12 Democrats, 10 Republicans and one Independent.
We are continuing to urge more co-sponsorship on the Affordable Housing Credit Improvement Act, especially among Republicans, and are encouraging all existing supporters to reach out to leadership asking that they prioritize advancing the bill this year.
New Committee Assignments Announced
New committee assignments were have been announced for 2018, which include two changes to the tax committees – Sen. Sheldon Whitehouse (D-RI) was appointed to the Senate Finance Committee, and Rep. Darin LaHood (R-IL-18) was appointed to the House Ways and Means Committee.
National Media Highlight Impact of Tax Reform on Housing Credit
A recent NPR article noted that the tax bill’s reduction in the top corporate tax rate will increase the national shortage of affordable housing because the Housing Credit will provide fewer benefits to investors. A New York Times article also noted the negative impacts on affordable housing production resulting from the tax bill, specifically citing Novogradac and Company’s analysis that the tax bill will reduce our expected supply of affordable housing by 235,000 units over the next decade.