Tax Reform and Tax Extenders Update from ACTION Campaign
On April 22, 2016, Senator Charles Schumer (D-NY) joined Senator Maria Cantwell (D-WA) called for an expansion of the Housing Credit to address our nation’s shortage of affordable housing.
At an event at a New York City supportive housing development, financed by the Housing Credit, Senators Schumer and Cantwell were joined by affordable housing developers, advocates and stakeholders to make the case for Senator Cantwell’s forthcoming legislation to increase Housing Credit resources by 50 percent and enact other modifications to strengthen the program and streamline its administration.
“Access to affordable housing is essential for the health of our families and the economic strength of our communities and that’s why expanding the federal low-income housing tax credit is so important.”
Senator Schumer said in a statement.
“Like Washington State, New York and our nation as a whole face serious challenges when it comes to affordable housing and homelessness. The Low Income Housing Tax Credit is a critical tool that communities across the nation can use to address these issues.”
Said Senator Cantwell.
LIHTC is a crucial tool in the development of permanent, affordable and supportive housing. This video from the Kilmer Homes ribbon cutting underscores the transformative benefits of a place to call home.
Congress is continuing to consider tax reform, though legislation is unlikely to advance in this Congress. The Senate Finance Committee has held a hearing on “Navigating Business Tax Reform” as part of an ongoing effort to “lay the groundwork for a comprehensive tax overhaul.”
On the House side, Ways and Means Chairman Kevin Brady (R-TX-8) has indicated that he is working towards a “consensus blueprint” for tax reform by June. This blueprint will most likely outline general principles for tax reform, but is not expected to contain the same level of specificity as former Chairman Dave Camp’s tax reform proposal, which retained the Housing Credit but proposed a number of changes that the ACTION campaign argued would have significantly compromised the program’s success and reduced production.
The ACTION Campaign is a national coalition of roughly 1,300 organizations and businesses calling on Congress to address our nation’s severe shortage of affordable rental housing by expanding the Low-Income Housing Tax Credit.