Lame Duck Legislative Agenda Hinges on Outcome of Midterm Elections
The outcome of tomorrow’s midterm elections will not only impact the policy environment in the next Congress, but also could affect legislative activity during the lame duck session when Congress returns, including opportunities to advance Housing Credit provisions from the Affordable Housing Credit Improvement Act (S. 548/H.R. 1661). Leadership in both the House and Senate have expressed interest in advancing a tax extenders package in the lame duck session, which may include other tax provisions such as technical corrections and could present an opportunity to advance the Affordable Housing Credit Improvement Act. However, it remains to be seen whether the elections will impact the likelihood of Congress advancing a tax package this year. Advocacy in support of the Housing Credit will be critical after the elections to ensure that provisions from the Affordable Housing Credit Improvement Act rise to the top of the list in any potential tax negotiations. Stay tuned for additional updates on strategy and advocacy opportunities following the elections.
Updated Fact Sheets Show the Housing Credit’s Impact in Each State
The ACTION Campaign’s state fact sheets have been updated with the most recent data to show the Housing Credit’s impact and the affordable housing needs that remain in every state. New to the state fact sheets this year is data demonstrating the impact that a 50 percent increase in the Housing Credit, as proposed in the Cantwell-Hatch Affordable Housing Credit Improvement Act, would have in each state. Recent estimates from accounting firm Novogradac & Company estimate that a 50 percent expansion would support the production of more than 264,200 additional affordable homes nationally over the next ten years. ACTION urges all stakeholder to share these state fact sheets with your elected officials and ask them to support efforts to advance Housing Credit provisions in the lame duck session, including by co-sponsoring the Affordable Housing Credit Improvement Act (S. 548/H.R. 1661). The ACTION district fact sheets will be updated in the coming weeks.
Senator Heller Introduces Seniors Affordable Housing Tax Credit Legislation
Senator Dean Heller (R-NV) introduced a new Seniors Affordable Housing Tax Credit Act (S. 3580) to incentivize owners of rental properties to rent to low-income seniors at affordable rents. The bill would create a tax credit program that allocates credit to states, with states responsible for awarding the Credits to owners and developers who rent their properties to low-income seniors. Qualified seniors would pay no more than 30 percent of their income for rent and utilities, with the rental unit’s owner receiving a federal tax credit making up the difference between the tenant’s rent payment and the rent the owner would have otherwise received. Given the limited time left in the session, we do not expect Senator Heller’s bill to advance in this Congress. Senator Heller is an original co-sponsor of both the Cantwell-Hatch Affordable Housing Credit Improvement Act (S. 548), and the Task Force on the Impact of the Affordable Housing Crisis Act (S. 3231), bipartisan legislation introduced in July to examine the impact that the national shortage of affordable housing has on all areas of life. ACTION thanks Senator Heller for his commitment to addressing the nation’s shortage of affordable housing.
Comments on CRA Modernization Due November 19
The ACTION Campaign will be submitting comments responding to the Office of the Comptroller of the Currency’s (OCC) Advance Notice of Proposed Rulemaking (ANPR) on CRA modernization urging the OCC to continue to support robust investment in the Housing Credit. We will also be circulating talking points to the entire ACTION Campaign and encourage all Housing Credit stakeholders to submit comments in support of the Housing Credit.