This Act is comprehensive legislation to strengthen and expand the Low-Income Housing Tax Credit (Housing Credit). The omnibus spending legislation must be passed by Friday, March 23, 2018.
The ACTION Campaign urges Congress to pass the Housing Credit bill. The bill includes the 50 percent cap increase in Housing Credit allocation authority, especially in light of the reduced production potential resulting from tax reform.
A recent video by Reuters Business explores the negative impacts of tax reform on affordable housing production. The video notes that the reduction of the corporate tax rate from 35 to 21 percent in the Tax Cuts and Jobs Act has reduced pricing of credits and therefore production of housing through the Housing Credit.
ACTION encourages advocates to reach out to current co-sponsors of the House (H.R. 1661) and Senate (S. 548) versions of the bill and ask them to urge House and Senate leadership to include the Affordable Housing Credit Improvement Act in the upcoming omnibus package.
The ACTION Campaign is a coalition of over 2,100 national, state, and local organizations and businesses working to address our nation’s severe shortage of affordable rental housing by protecting, expanding and strengthening the Low-Income Housing Tax Credit.