Continuing their efforts to increase the supply and availability of affordable housing resources throughout the country, Senator Maria Cantwell (D-WA) and Finance Committee Chairman Orrin Hatch (R-UT) introduced the Affordable Housing Credit Improvement Act of 2016.
While including the provisions in their previous bill increasing the credit cap by 50%, permanently fixing the 4% LIHTC rate for bond financed developments and acquisitions and creating an income averaging program for the LIHTC, this legislation includes several new provisions which will expand the availability of housing resources to a greater segment of the low-income community and assist with the preservation of affordable housing. This legislation has the ability to increase the stock of affordable housing significantly and we enthusiastically welcome this legislation and look forward to working towards its passage.
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