It is critical that Congress acts soon to fix the technical issue that could have a severe impact on the ability to create affordable housing. The 9% floor rate needs to be extended or fixed. The House Ways and Means Committee should introduce a provision similar to the Senate’s that would provide a 1-year extension as part of the annual tax extenders bill.
Advocates are encouraged to join the Affordable Rental Housing A.C.T.I.O.N. Campaign, which is a coalition of more than 380 national, state and local organizations, including Monarch Housing. The Campaign is working to protect and preserve the LIHTC by “permanently extending the 9% fixed floor rate.