Join us for a call this Friday, July 10, at 2 p.m. EDT, where we will discuss our Housing Credit legislation and the latest updates related to tax reform and tax extenders.
Friday, July 10 @ 2:00 p.m. EDT
Participant code: 677-49-533#
ACTION Campaign Calls on Congress to Support the Housing Credit and Housing Bonds
This week, the ACTION Campaign submitted a letter to Congress urging that it protect, strengthen and expand the Housing Credit and preserve Housing Bonds as it considers tax reform and tax extenders legislation. We encourage ACTION Campaign members to use this letter as an advocacy tool to show broad support for our priorities.
As a result of this sign-on effort, the ACTION campaign now has over 1,000 members. Thank you to the many ACTION members who helped with this outreach.
Tax Reform and Tax Extenders
Both the House and Senate have moved away from discussion of comprehensive tax reform and are now looking to advance more limited tax bills over the coming months, potentially to include international tax reform and/or tax extenders.
The House Ways and Means Committee continues to mark up individual tax extenders bills, though there are no plans to mark up an extension of minimum Housing Credit rates at this time. However, tax extenders will be a topic of discussion at the Republican Ways and Means Committee retreat taking place today. The ACTION Campaign has been encouraging Housing Credit supporters on the committee to ask Chairman Paul Ryan (R-WI-1st) to allow a mark-up of our minimum credit rate legislation, H.R. 1142, and to take up tax extenders earlier in the year than in the past.
The Senate Finance Committee is expected to take up tax extenders as soon as next week, potentially to be combined with a highway funding bill. Committee members have been asked to voice their priorities for the extenders bill to Chairman Orrin Hatch (R-UT) this week. We encourage ACTION members to ask their senators on the committee to voice support for including minimum 9 and 4 percent Housing Credit rates in the tax extenders package.
The Senate Finance Committee Tax Reform Working Groups are also expected to provide recommendations for tax reform to the full committee this week. The Community Development and Infrastructure Working Group, which has jurisdiction over the Housing Credit, is expected to focus largely on highway and transportation funding in its report. After releasing these reports, the committee is expected to turn its attention to an extension of funding for the Highway Trust Fund, which expires at the end of this month.
Harvard’s Joint Center for Housing Studies Suggests Housing Credit Should be Expanded
Harvard University’s Joint Center for Housing Studies (JCHS) recently released “State of the Nation’s Housing 2015,” which suggests that an expansion of the Housing Credit is needed in order to respond to increasing pressures on the program. JCHS finds that while affordable housing needs are growing, the Housing Credit is needed to fill an even greater role, especially related to preserving existing affordable housing. JCHS concludes that these increasing pressures on the Housing Credit have “raised the question of whether [the Housing Credit] ought to be expanded.”
The JCHS findings are emphasized in a second recently released report from the Urban Institute “The Housing and Affordability Gap for Extremely Low-Income Renters in 2013,” and the accompanying interactive map, “Mapping America’s Rental Housing Crisis,” which finds that there is not a single county in the United States with enough affordable housing for all of its extremely low-income renters. Read more on the ACTION Campaign blog.
Minimum Credit Rate Legislation
The companion legislation in the House, H.R. 1142, now has 63 co-sponsors. The most recent additions are Robert Dold (R-IL-10th), Michael Fitzpatrick (R-PA-8th), Suzan DelBene (D-WA-1st) and Susan Brooks (R-IN-5th).
Join the ACTION Campaign
Join the campaign, or if you are already a campaign supporter, reach out to your partner organizations and encourage them to join the campaign as well.