Join us for a call this Friday, September 30, at 2 p.m. EDT, where we will discuss the latest developments related to the Housing Credit.
Friday, September 30 @ 2:00 p.m. EDT
Participant code: 677-49-533#
Housing Credit Expansion Legislation
Bipartisan support continues to grow for the Affordable Housing Credit Improvement Act of 2016. The Housing Credit expansion legislation introduced in May, S. 2962, now has twelve co-sponsors. The most recent additions are Senators Susan Collins (R-ME), Bill Cassidy (R-LA), Barbara Boxer (D-CA) and Bernie Sanders (I-VT). S. 3237, the comprehensive legislation introduced in July – which includes all of the provisions from S. 2962 as well as numerous other provisions to strengthen the Housing Credit – has six co-sponsors. The most recent additions are Senators Kelly Ayotte (R-NH), Bill Cassidy (R-LA) and Amy Klobuchar (D-MN).
Senators Cantwell and Hatch are continuing to focus their co-sponsorship campaign on S. 2962, which already has strong bipartisan support, as a first priority. If you or your Senator is particularly interested in specific provisions included in S. 3237, encourage him or her to communicate that to Senator Cantwell’s office when he/she cosponsors S. 2962.
However, we do also welcome co-sponsorship of S. 3237 in addition to co-sponsorship of S. 2962, and have begun to educate members of Congress about the reforms in this bill. See our new bill summary for a comprehensive explanation of the provisions in S. 3237 and why they are needed. And visit our Advocacy Toolkit for our full set of talking points, bill summaries, bill text, sample letters to members of Congress and more, for both S. 2962 and S. 3237.
New ACTION State Fact Sheets
Our ACTION state fact sheets, showing the impact of the Housing Credit and the affordable housing needs that still remain in every state, have been updated through 2014, reflecting the latest data available.
The data come from the National Council of State Housing Agencies’ 2014 Factbook, with economic impact multipliers from the National Association of Home Builders and data on cost-burdened renters from the 2014 American Community Survey. For the first time, the state fact sheets also use data from the National Low Income Housing Coalition’s Out of Reach report, showing how many hours a minimum wage worker in each state has to work in order to afford a modest two-bedroom apartment.
Nationwide, the Housing Credit has financed 2.9 million apartments, providing affordable homes to 6.7 million low-income families and supporting 3.25 million jobs. However, 11.4 million households still pay more than half of their income towards rent, and the average minimum wage worker has to work 91 hours per week in order to afford a modest-two bedroom apartment, underscoring the need to expand the Housing Credit.
Our district fact sheets will be updated with 2014 data in the coming weeks.
This week the Senate intends to pass a continuing resolution (CR) to fund the government through December 9 and adjourn immediately after, sending the CR to the House for a vote as soon as this Wednesday. The House will then have to pass the CR and send it to the President’s desk by midnight on Friday, September 30 – the end of the fiscal year – in order to prevent a government shutdown. Once both chambers adjourn, Congress will be in recess through the elections.
We encourage all ACTION Campaign members to take advantage of the coming weeks when members of Congress are in their home states and districts to invite them to visit Housing Credit properties and to meet with them and their staff to discuss the impact of the Housing Credit locally.
When Congress returns for the “lame duck” session in November and December, the legislative agenda will depend largely on the outcomes of the elections. It is possible that Congress will take up tax extenders or other miscellaneous tax legislation, which could serve as a vehicle for provisions related to the Housing Credit. It is very unlikely that Congress will take up broader tax reform until the next Congress begins in 2017.