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The Low-Income Housing Tax Credit (Housing Credit) is at Risk
Congress is considering tax reform that would reduce or eliminate corporate tax expenditures, which may include the Housing Credit.
The minimum 9 percent Housing Credit rate expired at the end of 2013, which is already making affordable housing production less financially feasible.
The Housing Credit is the Nation's Most Successful Affordable Housing Production Tool
Since it was established in 1986, the Housing Credit program has financed the development of over 2.7 million rental homes throughout the nation.
The Housing Credit program creates nearly 96,000 jobs annually and has leveraged near $100 billion in private investment.
Without the Housing Credit, there would be virtually no affordable housing production.
The Need for Affordable Rental Housing is Growing
Affordability is the primary housing problem facing renter households.
The nation's 11.5 million extremely low-income households were forced to compete for just 3.3 million affordable apartments in 2012, leaving an astonishing unmet need of 8.2 million affordable homes.
Half of all renters are rent burdened, meaning they pay over 30 percent of their income in rent.
More than one-fourth of all renters (27 percent) are severely rent burdened, meaning they pay over 50 percent of their income in rent.
Despite the growing need for affordable rental housing, more than one-fourth of the nation's low-cost rental stock has been lost in the past decade.
Senate Finance Chairman Wyden Issues Statement Urging Passage of Tax Extenders
On Monday, Senate Finance Committee Chairman Ron Wyden (D-OR) issued a statement urging Congress to renew several dozen ta...
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