Legislation Would Increase Disaster Allocations for LIHTC
The Middlesex County Freeholders join:
- 285 signers on the letter;
- This is 61% of the 466 total signatures;
- Approval by the NJ Assembly 74-0 of a resolution supporting this effort;
- The Senate is expected to pass a resolution soon;
- The Jersey City Council voted 9-0 approved a resolution; and
- One additional city council and at least six counties are planning to approve supporting resolutions.
Among other things, the legislation would provide an increased disaster allocation of Low-Income Housing Tax Credits (LIHTC) by increasing the per capita rate to $8, providing $250 million in New Markets Tax Credits (NMTC) and providing tax-exempt bonds for Sandy-impacted areas.
Almost a year after Sandy, our work must continue as cities and counties approve their resolutions and with the blank slate federal tax reform potentially targeting the LIHTC.
Click here to view the list of signers.
Click here to read the letter with singers.
Click here to read HR2137.
Click here to read the resolution.
In addition to the three NJ congressional sponsors, eight of the co-sponsors are from NJ.