Priority of a Permanent, Minimum 4 Percent Housing Credit Rate Enacted!
Yesterday evening, President Trump signed year-end legislation that included a top legislative priority: a permanent, minimum 4 percent Housing Credit rate!.
The minimum 4 percent Housing Credit rate will strengthen the feasibility of critical affordable housing developments. The rate will apply to projects that receive allocated Housing Credits after December 31, 2020 and to bond-financed properties for which bonds are issued after December 31, 2020. To receive the 4 percent rate, properties must also be placed in service after December 31, 2020.
The year-end omnibus and coronavirus relief package also included: disaster Housing Credits for qualified states; $25 billion for rental assistance to be administered by the Treasury Department; an extension of the current CDC eviction moratorium through January 31, 2021; and Fiscal Year 2021 funding for critical HUD and USDA affordable housing programs. To see the final bill text, click here.