Join the ACTION Campaign Monthly Call
The ACTION Campaign monthly call will be held on Friday, April 2 at 2:00 PM EST.
*If you would like to be added to the calendar invite, please email Krista D’Alessandro at email@example.com.
Phone number: 929-205-6099
Meeting ID: 193 634 880
Legislative and Advocacy Update
Congressional leads of the Affordable Housing Credit Improvement Act (AHCIA) are finalizing the updated version of the legislation for the 117th Congress, and the bill text is in its final stages of review. The reintroduction of the identical Senate and House bills is anticipated soon after both chambers are back in session following the Easter recess. ACTION will notify our members and partners once the legislation is reintroduced. We are preparing updated materials and fact sheets to help advocates work to rebuild our strong cosponsorship from last Congress.
IRS Hearing on Housing Credit Average Income Test
On March 24, the Internal Revenue Service (IRS) held a public hearing on the Housing Credit Average Income Test (AIT) proposed regulations, which were published in October of 2020. ACTION co-chair NCHSA and 14 other groups testified at the hearing.
The AIT was enacted in 2018 as a third minimum set-aside option for Housing Credit properties. It 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 AIT was an important enhancement to the program, as it allows Housing Credit properties to reach lower-income households; however, NCSHA and other organizations at the hearing cited serious concerns about the proposed regulations to implement the AIT, notably the impact of the proposed rule on developer and investor interest in this third minimum set-aside option. Read more about the hearing in NCSHA’s blog, here.
The ACTION Campaign is pleased to welcome the following new members, who joined our coalition in March:
CW Realty – Florida
National Resource Center on Domestic Violence – Pennsylvania
The 117th Congress could provide an important window to expand and strengthen the Housing Credit. To help our chances, we need to demonstrate to Congress the strong support that exists across the country for the Housing Credit. As we gear up for the reintroduction of the AHCIA, please support us in growing ACTION and invite your affordable housing partners to join our coalition.
Housing Credit Research
An analysis from Redfin, “Introduction of Low-Income Housing Unlikely to Affect Nearby Home Prices,” shows that home prices are not negatively impacted by the presence of nearby affordable housing. The analysis uses Housing Credit data from HUD and overall supports that low-income housing does not degrade property values. The study also highlights President Biden’s plan to expand the Housing Credit program with a proposed $10 billion investment.