ACTION Campaign leadership have just heard that all Housing Credit investments and program changes are at imminent risk of being removed from the Build Back Better reconciliation legislation. We need to make a direct appeal to the White House and Congressional leadership immediately to have any chance at maintaining these priorities.
Not only are we at risk of not being able to increase resources for affordable housing production when it is needed most to meet the shortage across the country, but the Housing Credit will be effectively cut. This is because the 12.5 percent Housing Credit volume cap implemented in 2018 expires at the end of this year. This cut would result in 55,500 fewer homes and 95,200 fewer jobs, and a loss of $10.8 billion in wages and business income and $3.8 billion in tax revenue over ten years. We must do everything in our power not to move backwards.
We need you to sign this letter to the President, Speaker Pelosi, and Leader Schumer on preserving the Housing Credit production provisions in the Build Back Better legislation. The deadline to sign on is Monday, October 25, COB EST. Please also share this letter and ask your partners and networks to add their organizations as well.
Please email Krista D’Alessandro at email@example.com with questions.