Join us for a call this Friday, April 29 at 2 p.m. EDT, where we will discuss the latest on expanding the Housing Credit, including Senator Schumer and Cantwell’s recent event and an update on forthcoming legislation.
Friday, April 29 @ 2 p.m. EDT
Participant code: 677-49-533#
Senators Schumer and Cantwell Call for Housing Credit Expansion
On Friday, Senator Charles Schumer (D-NY) joined Senator Maria Cantwell (D-WA) in calling for an expansion of the Housing Credit to address our nation’s shortage of affordable housing. At an event at New York’s East 9th Street supportive housing development, financed by the Housing Credit, Senators Schumer and Cantwell were joined by affordable housing developers, advocates and stakeholders to make the case for Senator Cantwell’s forthcoming legislation to increase Housing Credit resources by 50 percent and enact other modifications to strengthen the program and streamline its administration.
The event is the latest in a nationwide campaign to expand the Housing Credit, launched in March with a series of events led by Senator Cantwell around Washington State and the release of an ACTION Campaign letter signed by over 1,300 businesses and organizations.
“Access to affordable housing is essential for the health of our families and the economic strength of our communities and that’s why expanding the federal low-income housing tax credit is so important,” Senator Schumer said in a statement. “This tax credit has already financed millions of homes across the country and this national plan will help finance hundreds of thousands more. I will continue to fight tooth and nail in Congress, alongside my colleague Senator Cantwell, to make sure these tax credits are expanded.”
“Like Washington State, New York and our nation as a whole face serious challenges when it comes to affordable housing and homelessness,” said Senator Cantwell. “The Low Income Housing Tax Credit is a critical tool that communities across the nation can use to address these issues.”
Read more about the event in the New York Daily News.
Tax Reform and Tax Extenders
Congress is continuing to consider tax reform, though legislation is unlikely to advance in this Congress.
The Senate Finance Committee will be holding a hearing tomorrow on “Navigating Business Tax Reform” as part of an ongoing effort to “lay the groundwork for a comprehensive tax overhaul.”
On the House side, Ways and Means Chairman Kevin Brady (R-TX-8) has indicated that he is working towards a "consensus blueprint" for tax reform by June. This blueprint will most likely outline general principles for tax reform, but is not expected to contain the same level of specificity as former Chairman Dave Camp’s tax reform proposal, which retained the Housing Credit but proposed a number of changes that the ACTION campaign argued would have significantly compromised the program’s success and reduced production.
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.