Yesterday evening, President Trump signed year-end legislation that included one of ACTION’s top priorities: a permanent, minimum 4 percent Housing Credit rate! ACTION and our broad set of partners are celebrating this key legislative accomplishment, which we have been working towards for many years.
ACTION thanks our nearly 2,400 members for their tireless advocacy of the minimum 4 percent Housing Credit rate, as well as Congressional leadership and our Congressional champions, the lead cosponsors of the Affordable Housing Credit Improvement Act, which included this provision, namely: Senators Maria Cantwell (D-WA), Todd Young (R-IN), Ron Wyden (D-OR), and Johnny Isakson (R-GA), and Representatives Suzan DelBene (D-WA-01), Kenny Marchant (R-TX-24), Don Beyer (D-VA-08), and Jackie Walorski (R-IN-02).
The minimum 4 percent Housing Credit rate will strengthen the feasibility of critical affordable housing developments. The rate will apply to projects that receive allocated Housing Credits after December 31, 2020 and to bond-financed properties for which bonds are issued after December 31, 2020. To receive the 4 percent rate, properties must also be placed in service after December 31, 2020.
The year-end omnibus and coronavirus relief package also included: disaster Housing Credits for qualified states; $25 billion for rental assistance to be administered by the Treasury Department; an extension of the current CDC eviction moratorium through January 31, 2021; and Fiscal Year 2021 funding for critical HUD and USDA affordable housing programs. To see the final bill text, click here.
Please join us for ACTION’s monthly call on Friday, January 8 at 2 pm EST. Until then, have a Happy New Year!
Phone number: 929-205-6099
Meeting ID: 193 634 880