Join us for a call this Friday, October 28, at 2 p.m. EDT, where we will discuss the latest developments related to the Housing Credit.
Friday, October 28 @ 2:00 p.m. EDT
Participant code: 677-49-533#
The Housing Credit Turns 30
October 22nd marked the 30th anniversary of President Reagan signing the Tax Reform Act of 1986, which authorized the Housing Credit to encourage private investment in affordable housing. Since its creation, the Housing Credit has enabled the development of over 2.9 million apartments, providing affordable homes to roughly 6.7 million low-income families. The ACTION Campaign has been celebrating the Housing Credit’s 30-year milestone with the hashtag #LIHTCat30 on Twitter and with a blog post highlighting the successes of the Housing Credit since 1986. We invite all ACTION Campaign members to join us in recognizing the success of the Housing Credit over the past three decades.
Cantwell-Hatch Housing Credit Legislation
We are continuing to build bipartisan support for the Cantwell-Hatch Affordable Housing Credit Improvement Act of 2016. The Housing Credit legislation introduced in May, S. 2962, now has fourteen co-sponsors after Senators Rob Portman (R-OH) and Patrick Leahy (D-VT) signed on at the end of September. 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.
While Senators Cantwell and Hatch are continuing to focus their co-sponsorship campaign on S. 2962, which already has strong bipartisan support, we also welcome co-sponsorship of S. 3237, and have begun to educate members of Congress about the reforms in this bill. See our 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 District Fact Sheets
The ACTION Campaign’s district fact sheets, which show the Housing Credit’s impact in each congressional district and the affordable housing needs that still remain in every state, have been updated to reflect the most recent data available.
The data come from HUD’s Low-Income Housing Tax Credit database, with economic impact multipliers from the National Association of Home Builders and data on cost-burdened renters from the 2014 American Community Survey. The district fact sheets also use data from the National Low Income Housing Coalition’s 2014 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.
Our ACTION state fact sheets were also updated in September with 2014 data from the National Council of State Housing Agencies. See the Housing Credit’s impact in your state and district.
Congress is currently on recess through the November elections, providing an opportunity to meet with members of Congress and their staff in their home states and districts. We encourage all ACTION Campaign members to arrange opportunities to discuss the impact of the Housing Credit locally and invite members and staff to visit Housing Credit properties.
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. However, it is very unlikely that Congress will take up broader tax reform until the next Congress begins in 2017.
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