Omnibus Presents Opportunity to Advance Housing Credit

Urge Senator Booker, U.S. Reps. Pascrell, Payne, Jr. and Sires to Push for Inclusion of Housing Credit in Omnibus

The FY 2018 omnibus spending bill is likely to include a tax component ant this is an opportunity to pass the bipartisan Affordable Housing Credit Improvement Act (S. 548).)

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.

U.S. Senator Cory Booker, U.S. Congressmen Bill Pascrell (D-NJ-9), Donald Payne, Jr. (D-NJ-10), Albio Sires (D-NJ-8) are current co-sponsors who represent New Jersey.

  1. Click here for the contact information for the NJ delegation.
  2. You can email them and ask them to urge their leadership in the House to include the Affordable Housing Credit Improvement Act in the omnibus package.
  3. ACTION continues to urge members who are not already signed on to these bills to do so.
  4. See the ACTION Campaign’s Advocacy Toolkit for resources to advocate for the Affordable Housing Credit Improvement Act.

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.

ACTION Campaign’s Advocacy Toolkit

ACTION Campaign Blog Post

HR 1661

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