Join the ACTION Campaign Monthly Call
The ACTION Campaign monthly call will be held on Friday, March 5 at 2:00 PM EST.
Phone number: 929-205-6099
Meeting ID: 193 634 880
Legislative and Advocacy Update
ACTION is preparing for the reintroduction of the Affordable Housing Credit Improvement Act (AHCIA), working with our champions on the Hill to finalize the bill text. As soon as the legislation is reintroduced, we will alert our members and mobilize advocacy efforts to rebuild and expand our strong cosponsorship from last Congress. We will also continue to monitor for any potential legislative vehicles that could carry our Housing Credit priorities, including through the budget reconciliation process or an infrastructure package.
IRS to Hold Hearing on Average Income Test
On March 24, the IRS will hold a hearing on its proposed rule to implement the Average Income Test (AIT). The AIT was included as a new minimum set-aside option in the Consolidated Appropriations Act of 2018, and though states have since developed their own policies, the IRS final rule will provide the official regulatory guidance on the AIT’s implementation. The AIT allows owners of Housing Credit projects for which the owner chooses AIT as the project’s minimum set-aside to serve households earning as much as 80 percent of the area median income (AMI), so long as on average qualified low-income units have income designations that are 60 percent or less of the AMI. The IRS’ March 24 hearing will allow stakeholders an opportunity to provide feedback on the proposed rule. Those interested in testifying at the virtual hearing must submit their contact information and an outline of their expected oral comments to firstname.lastname@example.org by March 5.
ACTION Submits Comments to Federal Reserve on ANPR to Modernize the CRA
On February 16, ACTION co-chairs Enterprise Community Partners and the National Council of State Housing Agencies submitted a comment letter on behalf of the ACTION Campaign to the Federal Reserve Board (Fed) on its advance notice of proposed rulemaking to modernize the Community Reinvestment Act (CRA). The letter highlights the critical role the CRA plays in Housing Credit investment and encourages the Fed to issue a final CRA regulation that facilitates investment in affordable housing through the Housing Credit program. The next step in the process is for the Fed to issue a proposed rule for further comment. ACTION encourages the Fed to work with the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation to together issue a joint final CRA rule.
The ACTION Campaign is pleased to welcome the following new members, who joined our coalition in February:
Norstar Development USA, LP – National
Banks & Robertson Consulting Group LLC – Virginia
Housing Credit Research
A report by the National Housing Trust and LeadingAge, “Affordable Senior Housing: A Scan of State Housing Credit Allocation Plans” assesses how senior housing development is being prioritized in state Qualified Allocation Plans (QAPs), which is especially critical given the rapid grown in the older adult population in recent years.
The Corporation for Supportive Housing (CSH) released a report called, “Leveraging Low-Income Housing Tax Credits to Support Thriving Communities,” which emphasizes how supportive housing – safe, stable affordable housing with quality integrated services – is critical to support thriving communities, especially given the consequences of Covid-19. It underscores the importance of QAPs to support thriving communities through the Housing Credit program.
Housing Credit In the News
A February 24 article in WCNC Charlotte, “’Our homeless neighbors are human beings:’ County leaders working to find permanent housing for Tent City residents,” stresses the importance of temporary hotel-stays for people experiencing homelessness, but also emphasizes that expanding federal government programs like the Housing Credit is critical to addressing homelessness in the long term.
A February 25 VTDigger press release, “Congress expands access to affordable housing,” highlights the recent enactment of the permanent, minimum 4 percent Housing Credit rate and emphasizes the crucial role this provision plays in creating additional equity for the Housing Credit program in Vermont.
A February 25 Greenville Journal article, “Piecing together the senior housing puzzle,” highlights the enormous need for affordable senior housing in Greenville Country, South Carolina and notes that a new Housing Credit development will be a critical first step in addressing this issue.