Housing Credit Expansion Legislation

Both S. 2962 and S. 3237 Offer Opportunity to Reform Housing Credit

Bipartisan support continues to grow for the Affordable Housing Credit Improvement Act of 2016. The Housing Credit expansion legislation introduced in May, S. 2962, now has thirteen co-sponsors.

None of the co-sponsors are from NJ. We strongly encourage Senators Robert Menendez and Senators Cory Booker to co-sponsor S. 2962.

The most recent additions are Senators :

S. 3237, the comprehensive legislation introduced in July – which includes all of the provisions from S. 2962 as well as numerous other provisions to strengthen the Housing Credit – has five co-sponsors.

The most recent additions are Senators:

Senators Cantwell and Hatch are continuing to focus their co-sponsorship campaign on S. 2962, which already has strong bipartisan support, as a first priority.

However, the ACTION Campaign, of which Monarch Housing is a member, also welcomes co-sponsorship of S. 3237 in addition to co-sponsorship of S. 2962, and have begun to educate members of Congress about the reforms in this bill. See our new bill summary for a comprehensive explanation of the provisions in S. 3237 and why they are needed.

The Affordable Housing Credit Improvement Act of 2016 (S. 3237) would make significant strides towards addressing our nation’s severe shortage of affordable housing by expanding and strengthening the Low-Income Housing Tax Credit (Housing Credit), our nation’s most successful tool for encouraging private investment in the production and preservation of affordable rental housing.

For 30 years, the Housing Credit has been a model public-private partnership program, bringing to bear private sector resources, market forces, and state-level administration. It has financed nearly 3 million apartments since 1986, providing roughly 6.5 million low-income families, seniors, veterans, and people with disabilities homes they can afford. Unlike many other tax expenditures, which subsidize activity that would occur at some level without a tax benefit, virtually no affordable rental housing development would occur without the Housing Credit.

The ACTION Campaign’s Advocacy Toolkit has a full set of talking points, bill summaries, bill text, sample letters to members of Congress and more, for both S. 2962 and S. 3237.

The A Call To Invest in Our Neighborhoods (ACTION) Campaign is a national, grassroots coalition of roughly 1,300 national, state, and local organizations and businesses calling on Congress to expand the Low-Income Housing Tax Credit (Housing Credit).

S. 2962

ACTION’s summary of S. 3237

S. 3237

ACTION Campaign’s Advocacy Toolkit

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