Expand and Strengthen Housing Credit in Omnibus Budget

Urge U.S. Senators Booker and Menendez and U.S. Rep. Pascrell to Make Affordable Housing Credit Improvement Act a Priority in Omnibus Budget

Congress is currently negotiating an omnibus budget bill. The omnibus budget bill is likely to include a tax component and needs to pass on or before March 23, 2018 when the current continuing resolution expires.

This omnibus budget bill may be the last potential vehicle for the bipartisan Affordable Housing Credit Improvement Act (S. 548).) for quite some time, and opportunities will be few and far between as we get closer to the midterm elections later this year.

There will be a lot of competing interests vying to be part of what could be the last major piece of legislation for a while, so outreach over the coming days is critical to make sure our Housing Credit legislation rises to the top of the priorities list.

Here is what you can do to expand and strengthen the Housing Credit.

  • U.S. Senator Cory Booker (D-NJ) is a co-sponsor of the Affordable Housing Credit Improvement Act (S. 548). Please email Adam Zipkin in Senator Booker’s office and urge him to reach out to Minority Leader Chuck Schumer (D-NY) to make sure S.548 is a Democratic priority in their negotiations with Senate Republicans.
  • U.S. Senator Robert Menendez (D-NJ) is in the queue waiting to be added to S. 548. Please email Rebecca Schatz in Senator Menendez’s office and urge him to share his support with Sen. Schumer.
  • If you live in New Jersey’s 9th congressional district, U.S. Representative Bill Pascrell (D-NJ-9) is a co-sponsor of the Affordable Housing Credit Improvement Act (HR 1661.) Please email Elaina Houser in his office and thank him for his support and urge him to weigh Minority Leader Nancy Pelosi (D-CA) to make sure HR 1661 is a Democratic priority in negotiations with Republicans about tax provisions in the omnibus.

The Housing Credit has had a major impact in New Jersey benefitting New Jersey’s families and the economy between 1986-2015. The Housing Credit has:

  • Developed or preserved 54,048 homes in NJ
  • Provided affordable homes for 125,932 low-income households in NJ
  • Supported 61,074 jobs in one year in NJ
  • Generated $5.82 billion in local income in NJ

You can use the following talking points when reaching out to the congressional offices:

  • Thank you for your support of the Affordable Housing Credit Improvement Act. As you know, this legislation includes common-sense reforms to make the Housing Credit and Housing Bonds more streamlined and flexible. The Senate version of the legislation also includes a 50 percent increase in Housing Credit resources, which we are calling on both the House and Senate to adopt. This increase in resources would finance approximately 400,000 more affordable homes over the next decade than would otherwise be possible.
  • There is a growing need for affordable housing that vastly exceeds the supply we are able to produce with limited resources currently available to us. There are more than 11 million households who pay more than half of their income on rent, and this number is expected to increase unless we act now. See the ACTION Campaign’s NJ fact sheet for data on the affordable housing shortage in each state.
  • We understand that the omnibus spending bill currently being negotiated is likely to have a tax component, and may be the last potential vehicle for advancing the Affordable Housing Credit Improvement Act for quite some time.

Monarch Housing Associates is proud to be a member of the ACTION Campaign. Click here to learn more about the ACTION Campaign.

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