Join the ACTION Campaign Monthly Call on Thursday, July 2
On account of the holiday weekend, the ACTION Campaign monthly call will be held a day early on Thursday, July 2 at 2:00 pm EST. Call-in information:
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Phone number: 929-205-6099
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Meeting ID: 193 634 880
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Password: 256387
House & Senate Legislation Introduced with ACTION Housing Credit Priorities
Last week, the House and Senate released legislation that includes the ACTION Campaign’s top Low-Income Housing Tax Credit (Housing Credit) priorities for Covid-19 relief as well as key provisions from the Affordable Housing Credit Improvement Act (AHCIA), S.1703 and H.R.3077. ACTION applauds our champions in the House and Senate for their leadership on advancing our Housing Credit priorities and housing as infrastructure.
On June 22, the House released the bill text for The Moving Forward Act, H.R. 2, an infrastructure package that includes an expansive section to strengthen and expand the Housing Credit as well as provisions related to multifamily housing bonds (Housing Bonds). The package contains all of the ACTION Campaign’s Housing Credit legislative priorities for Covid-19 relief, including enacting a permanent minimum 4 percent Housing Credit rate, lowering the “50 percent test” for bond-financing, and providing several basis boosts. The legislation would also offer several programmatic deadline extensions, and includes a number of provisions from the AHCIA. The House is expected to vote on its infrastructure package before the July 4th recess. Though it is unlikely that Congress will pass such a comprehensive infrastructure package this year, the Moving Forward Act demonstrates strong House support of the Housing Credit. Should it pass the House floor, it would set an important precedent for the inclusion of Housing Credit and Housing Bond provisions in future infrastructure packages.To learn more about the provisions included in The Moving Forward Act and the current legislative outlook, read ACTION’s blog.
On June 25, Senate Finance Committee Ranking Member Ron Wyden (D-OR) and Senator Maria Cantwell (D-WA) introduced The Emergency Affordable Housing Act of 2020, S.4078, standalone Senate companion legislation to the Housing Credit provisions included in The Moving Forward Act. The bill is cosponsored by Senators Michael Bennet (D-CO) and Ben Cardin (D-MD). Like the Moving Forward Act, the Wyden-Cantwell bill includes all of the ACTION Campaign’s legislative priorities for Covid-19 relief. To learn more about the legislation, read ACTION’s latest blog.
ACTION Membership
The ACTION Campaign is pleased to welcome its newest member from Virginia, the Community Housing Initiative.
As the ACTION Campaign continues to advocate for our Housing Credit priorities on the Hill, it is important to show our strength through our membership. Invite your state and local partners to join our campaign today.
Housing Credit in the News
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A June 18 The Hill op-ed by Dean Mon, chairman of the National Association of Home Builders, “Housing can play a role in leading an economic recovery – here’s how Congress can help,” details how the Covid-19 pandemic has highlighted the need for additional affordable housing and names the Housing Credit as a solution to increase housing production and spur economic growth.
