Booker and Menendez Co-Sponsor Minimum Credit Rate Legislation

Would Create Minimum Housing Rates for
New Construction, Rehab and Acquisition

Senator Robert MenendezOn May 5, 2015, Senators Maria Cantwell (D-WA) and Pat Roberts (R-KS) introduced the “Improving the Low-Income Housing Tax Credit Rate Act” (S. 1193) to create minimum Housing Credit rates of 9% for new construction and substantial rehabilitation and 4% for acquisition.

Senators Robert Menendez and Cory Booker are among the 22 original Senate co-sponsors.

Senator Cantwell said in a statement.

“The Low-Income Housing Tax Credit supports more than 90,000 jobs each year nationwide and has helped leverage nearly $100 billion in private investment in these critically needed affordable housing units. That’s why we must permanently extend this critical provision without delay and give states the certainty they need to help address the affordable housing crisis in this country.”

Senator Cory BookerThe minimum Housing Credit rate legislation in the House (H.R. 1142), introduced by Representative Pat Tiberi (R-OH-12) and Richard Neal (D-MA-1) in February, now has a total of 56 co-sponsors.

Congressman Bill Pascrell (D-NJ-9) is New Jersey’s only member to sign on.

Congressman Bill PascrellIf you do not live in Congressman Pascrell’s district, please take a minute today and reach out to your member and encourage him to co-sponsor HR 1142, “To amend the Internal Revenue Code of 1986 to make permanent and expand the temporary minimum credit rate for the low-income housing tax credit program.”

Click here for a list of email addresses for housing staff in NJ’s Washington DC congressional offices.

Click here for a summary of the bill.