Last night, the House passed the tax package that contains two key Housing Credit provisions! The Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) passed by a 357 to 70 vote.
The bill’s Housing Credit provisions would finance the construction or preservation of an estimated 200,000 additional affordable homes nationwide; generate over $34 billion in wages and business income; support over 304,000 jobs; and generate almost $12 billion in federal, state, and local tax revenue. The provisions represent what would be the largest single investment in affordable housing in decades.
During the debate, Representatives on both sides expressed their support for the Housing Credit and the AHCIA provisions included in the tax package. Some who spoke in favor of the Housing Credit provisions include AHCIA House leads Reps. Darin LaHood (R-IL), Suzan DelBene (D-WA), Don Beyer (D-VA), and Jimmy Panetta (D-CA); Ways and Means Committee Chair Jason Smith (R-MO) and Ranking Member Richie Neal (D-MA); and Reps. Dwight Evans (D-PA), Brad Schneider (D-IL), and Nicole Malliotakis (R-NY).
While this is a major step toward achieving two key ACTION priorities, the Senate presents new challenges. The path forward in that chamber remains unclear, and it is possible the Senate Finance Committee may mark up the legislation, introducing a possibility that it could be amended. Any amendment to the bill, whether in Committee or on the Senate floor – even the addition of other bipartisan provisions – could cause the bill to stall and threaten the fragile compromise to which Smith and Finance Committee Chair Ron Wyden (D-OR) agreed.
This opportunity is likely Congress’ last best chance to act on tax policy until late 2025, when most of the other Tax Cuts and Jobs Act (the 2017 tax reform bill) provisions expire. Given the current housing crisis, it is imperative that affordable housing advocates convey to their Senators that Congress cannot afford to delay action any longer.
Thank you to all ACTION members and partners who have reached out to Members of Congress to stress the need for these critical resources. We need you to again weigh in with your Senators and urge their support for H.R. 7024. Make sure they know how important the Housing Credit changes would be to their constituents.
To assist advocates, ACTION created a webpage with links to templates and other materials to help with your outreach.
We need your outreach to all Senators, regardless of party or AHCIA cosponsorship status. Ask them to avoid changes to the bill that could undermine its enactment. Urge them to express their support to Senate Majority Leader Chuck Schumer (D-NY) or Minority Leader Mitch McConnell (R-KY). We need the Senate to act as quickly as possible.
Be sure to share with your Senators the support letter signed by over 90 national and state coalitions of affordable housing and community development organizations and a statement issued by the National Governors Association in support of the bill, noting the importance of its affordable housing provisions.
All relevant information can be found on the webpage linked above. If you have any questions or need help contacting your Senators, please don’t hesitate to email us.
Reminder: Monthly Meeting Tomorrow
As a reminder, ACTION will be having its monthly membership meeting tomorrow, Friday, February 2, at 2pm ET. We will provide more advocacy advice and share any further updates on the status of the tax package during the meeting.
