Join us for a call this Friday, March 4 @ 2 p.m. EST, where we will discuss our new ACTION sign-on letter and next steps in promoting an expansion of the Housing Credit, the Housing Credit provisions in President Obama’s FY 2017 budget request and other campaign updates.
Friday, March 4 @ 2 p.m. EST
Participant code: 677-49-533#
ACTION Launches Sign-On Letter Calling on Congress to Expand the Housing Credit
The ACTION Campaign is calling on Congress to address our nation’s severe shortage of affordable rental housing by raising the cap on Housing Credit allocation authority by at least 50 percent. Read the letter and sign on.
All existing 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 build campaign membership and show broad support for the Housing Credit.
The deadline for signing on to the letter is Friday, March 11. If you have any questions or do not wish to sign onto the letter, contact Emily Cadik at ecadik before the March 11 deadline.
Visit our newly revamped website at www.rentalhousingaction.org for more information about the Housing Credit.
Administration Shows Continued Support for Housing Credit in FY 17 Budget
On February 9, the Obama Administration released its FY 2017 budget request, which demonstrated a continued commitment to expanding and strengthening the Housing Credit. The Administration notes that the “agencies in charge of allocating [Housing Credits] are often confronted with a larger number of deserving projects than they can support,” and that expanding the Housing Credit “would allow the development of some projects for which the current supply is insufficient.”
Five Housing Credit proposals were carried over from previous budgets. There is only one entirely new proposal for FY 2017, related to affirmatively furthering fair housing. One proposal from the FY 2016 budget, related to modifying the Housing Credit rate formula, was not included in FY 2017. The tax extenders legislation passed at the end of 2015, which made permanent the minimum 9 percent Housing Credit rate for new construction and substantial rehabilitation, addressed the need for an alternate credit rate formula for this type of credit.
The Administration proposes to:
- Expand the Housing Credit through private activity bond conversion
- Allow income averaging in Housing Credit properties
- Add fair housing as an allocation preference (new proposal)
- Add preservation as a selection criteria
- Remove the QCT population cap
- Protect victims of domestic abuse
Though House and Senate leadership remain committed to tax reform, comprehensive tax reform is unlikely to advance until 2017 at the earliest. In the meantime, Congress is seeking to move forward on international tax reform.
Clinton Campaign Calls for Expanding Housing Credit
On February 12, the Clinton campaign unveiled its new “Breaking Every Barrier Agenda,” which calls for numerous housing policy changes as part of her platform. Among the proposed changes is an expansion of the Housing Credit, noting that the demand for the credit exceeds the supply.
Join the ACTION Campaign
ACTION represents more than 1,000 organizations calling on Congress to support the Housing Credit and Housing Bonds. 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.