Join the ACTION Campaign on Friday, October 27 at 2 p.m. EDT to discuss the latest developments related to tax reform and the Housing Credit.
Friday, October 27 @ 2:00 p.m. EDT
1.888.240.2560, participant code 677-495-333#
ACTION Sends Letter to Congress in Support of the Housing Credit and Housing Bonds in Tax Reform
The ACTION Campaign sent a letter to Congress and the Administration last week on behalf of 2,152 national, state and local organizations and businesses in support of the Housing Credit and Housing Bonds in tax reform. The letter thanks congressional and administration Republican leadership for recognizing the value of the Housing Credit in the “Unified Framework for Fixing Our Broken Tax Code,” and urges lawmakers to not only retain the Housing Credit in tax reform, but to also make the following modifications to modernize our affordable housing delivery system:
- Retain the tax exemption on multifamily Housing Bonds,
- Enact the Affordable Housing Credit Improvement Act, and
- Make adjustments to the Housing Credit to ensure its production potential is not negatively impacted by other changes in tax reform.
We would like to welcome the more than 100 new ACTION Campaign members who signed our letter to Congress and joined our efforts to advocate to preserve, strengthen and expand the Housing Credit and Housing Bonds.
Tax Reform Process Advances, Rep. Tiberi Announces Departure from Congress
The Senate passed its fiscal year 2018 budget resolution last week, which includes language that paves the way for tax reform to advance through budget reconciliation and allows lawmakers to add up to $1.5 trillion to the deficit in tax cuts. Though the House had passed its own budget resolution earlier this month with significant differences from the Senate’s resolution, the House is expected to vote on the Senate’s budget resolution this week in hopes of avoiding a conference between the two chambers and expediting the tax reform process.
Meanwhile, Congress is proceeding with negotiating and drafting tax reform legislation. House Ways and Means Committee Republicans are meeting this week with the goal of finalizing tax reform details, and are expected to release draft legislation as soon as this week, with a markup to follow shortly after. The coming weeks and months as tax reform details are negotiated will be critical for the Housing Credit and Housing Bonds.
Representative Pat Tiberi (R-OH-12), the lead Republican sponsor on the House version of the Affordable Housing Credit Improvement Act (H.R. 1661) and a longtime champion of the Housing Credit, announced last week that he will leave Congress no later than January 31, 2018, nearly a year before his term ends. ACTION thanks Rep. Tiberi for his longstanding leadership on affordable housing, and will work with Rep. Tiberi to identify a new lead House Republican champion for the Housing Credit.
Housing Credit Legislation Gains New Co-Sponsors
The Affordable Housing Credit Improvement Act continues to gain strong bipartisan support in both the House (H.R. 1661) and Senate (S. 548). Eight additional co-sponsors have joined the House bill since last month, including Representatives Carol Shea-Porter (D-NH-1), Elise Stefanik (R-NY-21), Vicky Hartzler (R-MO-4), Daniel Donovan (R-NY-11), Ryan Costello (R-PA-6), Luis Correa (D-CA-46), Patrick McHenry (R-NC-10), and Beto O’Rourke (D-TX-16). With 56 Democratic co-sponsors and 53 Republican co-sponsors, H.R. 1661 has more than one-quarter of the House signed on in support of the Housing Credit and Housing Bonds, a tremendous display of support for the program heading into tax reform.
The Senate version of the Affordable Housing Credit Improvement Act (S. 548) also continues to gain support, with Senator Lindsey Graham (R-SC) joining as a new co-sponsor this month. This brings the total number of co-sponsors to 21, with 11 Democrats, one Independent and nine Republican co-sponsors.
New Fact Sheets Highlight the Impact of the Housing Credit for Native American and Supportive Housing Populations
ACTION has released two new fact sheets that highlight how the Affordable Housing Credit Improvement Act will improve the development of affordable rental housing for Native Americans and for households needing supportive housing services. These new fact sheets are part of a series that depicts how the Affordable Housing Credit Improvement Act can benefit specific communities. Earlier fact sheets identified the Housing Credit’s benefits for rural and senior communities, as well as the preservation and recapitalization of existing affordable housing. Access these fact sheets, along with other advocacy resources to support the Housing Credit, in ACTION’s Advocacy Toolkit.