The ACTION Campaign is calling on Congress to protect, strengthen and expand the Low-Income Housing Tax Credit (Housing Credit) program and preserve Tax-Exempt Multifamily Housing Bonds (Housing Bonds) as it considers tax reform and tax extenders legislation.
Specifically, we are urging Congress to act quickly to approve a minimum 9 percent Housing Credit rate for new construction and substantial rehabilitation, as well as a minimum 4 percent rate for the acquisition of affordable housing. The tax extenders legislation that passed at the end of 2014 only included the minimum 9 percent credit rate, but not the corresponding 4 percent minimum for acquisition. Because it passed so late in the year and only provided the extension of the 9 percent minimum retroactively for 2014, it had virtually no practical benefit for Housing Credit properties.
We also ask that Congress protect all components of the Housing Credit program, preserve Housing Bonds, increase Housing Credit resources to help meet our nation’s vast and growing affordable housing needs, provide a minimum 4 percent credit rate for Housing Bond-financed properties, and promote income mixing in Housing Credit properties in any tax reform legislation.
A full list of ACTION Campaign members will be included in the letter, so if you are already an ACTION Campaign member you do not need to sign on. However, we encourage you to share the letter with your networks to help us show broad support for the Housing Credit and Housing Bonds.
The deadline for signing on to the letter is Thursday, July 2.