Join the ACTION Campaign Monthly Call
The ACTION Campaign monthly call will be held on Friday, July 9 at 2:00 PM EST. We have created a new Zoom link for our monthly meetings, so please make note of the updated information below. The updated calendar invite with this information will be sent out shortly. As a reminder, if you would like to be added to the calendar invite, please email Krista D’Alessandro at kdalessandro@enterprisecommunity.org.
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Phone number: 929-205-6099
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Meeting ID: 976 9100 9830
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Password: 314424
ACTION Updates
Legislative State of Play
Negotiations on Capitol Hill over a possible infrastructure package continue, with the Problem Solvers Caucus today announcing their endorsement of the $1.2 trillion Bipartisan Infrastructure Framework deal struck between a group of 21 Republican and Democratic Senators and President Biden. The measure includes $579 billion in new spending and is focused on “hard infrastructure,” including transportation, power, broadband and water.
As of now, this proposal does not include any housing-related provisions. It is possible – though still unclear – whether the bipartisan package would ultimately pass the 60-vote threshold in the evenly split Senate. Meanwhile, Democrats on the Senate Budget Committee are continuing to pursue a partisan $6 trillion infrastructure package through the reconciliation process, which leaves a significant delta. Speaker Pelosi has indicated that she will not allow a vote on the House floor for the bipartisan package until the reconciliation package moves with the additional infrastructure priorities like those in the President’s American Families Plan and American Jobs Plan.
While the various potential infrastructure proposals remain in flux – it seems unlikely a resolution will be reached before the August recess – ACTION members should continue advocate for new cosponsors to sign on to the Affordable Housing Credit Improvement Act (AHCIA) over the next month. The more cosponsors we have signed on, the better we can demonstrate to Congressional leadership that the AHCIA should be included in any infrastructure legislation that moves forward.
Please continue to use the resources on ACTION’s Advocacy Toolkit as you engage your Members of Congress and email Krista D’Alessandro at kdalessandro@enterprisecommunity.org with questions or for additional support.
AHCIA Cosponsorship Grows
Over the past month, bipartisan cosponsorship for the AHCIA continued to grow in the both chambers of Congress. The Senate now has 20 total cosponsors (10 Democrats and 10 Republicans), including 32 percent of the Senate Finance Committee. In the House, 64 total cosponsors (33 Democrats and 31 Republicans) have signed on, including 42 percent of the House Ways and Means Committee.
The ACTION Campaign will continue its efforts to meet with Members of Congress to elevate the AHCIA. We encourage our members and partners to do the same and to use any of ACTION’s advocacy materials to support this outreach, which includes sharing the June 4 letter to Congress from 2,421 organizations and businesses who support the legislation.
ACTION Membership
The ACTION Campaign is grateful to the 2,400+ businesses, organizations, and industry partners from across the country who support our work to expand the Housing Credit. Help ACTION grow by asking affordable housing advocates in your networks who are not yet members to join the coalition. Membership is free. The more members that sign on, the better ACTION can demonstrate to Congress the widespread support for the Housing Credit across the country. ACTION is pleased to welcome our newest member that joined in June, Hampden Townsquare, LLC of Pennsylvania.
Housing Credit Research
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On June 16, the Joint Center for Housing Studies of Harvard University released the State of the Nation’s Housing 2021 report, which outlines current housing trends, including soaring home prices, the shrinking housing supply, and the disproportionately large share of at-risk households facing eviction or foreclosure. The report discusses the unequal impacts of the pandemic for low-income households and people of color, calling on policymakers to take additional steps to ensure these communities also benefit from the expanding economy.
Housing Credit In the News
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On June 28, the Hudson Valley Property Group celebrated the completion of a $22 million redevelopment project at the Pilgrim Baptist Village Apartments in Newark, New Jersey. Financed partially through 4% low-income housing tax credits, the project provided extensive renovations to 305 affordable units and will provide long-term affordability for the community.
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In “Lawmakers Eye Tax Credit in Bipartisan Affordable Housing Bill,” Bloomberg News highlighted lawmakers’ efforts to incorporate provisions of the AHCIA in upcoming infrastructure legislation. While affordable housing legislation is not currently part of the bipartisan infrastructure deal, AHCIA lead cosponsors Representatives Suzan DelBene (D-WA-01) and Jackie Walorski (R-IN-02) discussed plans to work with the White House to ensure key elements of the bill remain a priority for the administration.
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In June, Novogradac & Company LLP released several developer-oriented podcasts discussing the Housing Credit – “California Bond and LIHTC Allocation Competition,” “Qualified Allocation Plan Trends and Developments,” and “How to Maximize LIHTC Equity” – as part of its Tax Credit Tuesday Podcast series. Click here for an overview of each podcast and related PDF summaries for each topic.
