Join us for a call this Friday, April 1 at 2 p.m. EDT, where we will discuss the latest on expanding the Housing Credit, including the ACTION Campaign sign-on letter and Senator Cantwell’s Housing Credit expansion kick-off event.
Friday, April 1 @ 2 p.m. EDT
Participant code: 677-49-533#
ACTION, Senator Cantwell Kick Off Housing Credit Expansion Campaign
As we reported last week, the ACTION Campaign sent a letter to Congress on March 24, signed by more than 1,300 organizations, calling for an expansion of the Housing Credit.
Also on March 24, Senator Maria Cantwell (D-WA) held an event in Seattle announcing her forthcoming legislation to expand and strengthen the Housing Credit. Senator Cantwell’s announcement, which took place at the Patrick Place Housing Credit development in Seattle, is the first of many events that will highlight the urgency of the need for more affordable housing and promote the Housing Credit as the best tool to address the crisis. “We’re here today to launch a national campaign to say that we need to increase the amount of tax credits so more affordable housing units can be built in the United States of America,” Senator Cantwell said in a statement. “We know this is a big challenge, but the housing crisis is a big challenge.”
“We need more affordable housing and we need it now,” Senator Cantwell continued. “So please tell your friends and neighbors to join the ACTION Campaign and let’s make this story a reality all across America.” Senator Cantwell also released an accompanying report on the Housing Credit’s impact around the U.S. and in Washington.
The event was covered in Bloomberg, MSN, Politico, the Seattle Times, Affordable Housing Finance, The Washington Times, the Tri-City Herald, the Everett Herald, the Yakima Herald, The Olympian, Tacoma’s The News Tribune, The Columbian and the Seattle Medium.
Tax Reform and Tax Extenders
Though it is unlikely that tax reform legislation will advance in this Congress, the House is continuing to hold tax reform hearings, with a focus on international tax reform, inversions and corporate integration. None of these hearings have directly addressed the Housing Credit. The Housing Credit did come up, however, in a March 22 House Financial Services Committee hearing on government regulations and the cost of housing. Though tax issues are outside the committee’s jurisdiction, several of the witnesses noted the importance of the Housing Credit in addressing our nation’s affordable housing crisis, and called for both expanding the program and permitting income averaging within Housing Credit developments.
It is also increasingly unlikely that tax extenders will advance in this Congress. Senate Finance Committee Ranking Member Ron Wyden (D-OR) had indicated interested in advancing tax extenders again in 2016, but House Ways and Means Chairman Kevin Brady (R-TX-8) said this week that his committee would not be taking up extenders this year. He expressed that any tax extenders that were not part of the legislation passed at the end of 2015 should be taken up as part of a broader tax reform discussion.
Join the ACTION Campaign
ACTION represents more than 1,300 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.