Increase in Housing Credit Does Not Make Up for Decreased Production from Tax Cuts and Job Act
Over one-third of the House has signed on to support the Affordable Housing Credit Improvement Act (H.R. 1661.) This bipartisan legislation would make significant strides towards addressing our nation’s severe shortage of affordable rental housing by strengthening the Low-Income Housing Tax Credit (Housing Credit).
In addition to the 146 co-sponsors on the House version of the legislation (H.R. 1661), there are 38 co-sponsors on the Senate version of the bill (S. 548). This tremendous support comes after last month’s omnibus spending bill included a significant down payment on Housing Credit resources by enacting a temporary expansion of the program and the new option for income averaging.
However, this increase in support does not fully make up for the decreased production resulting from the Tax Cuts and Jobs Act, so continued advocacy to advance the remaining provisions of the Affordable Housing Credit Improvement Act is critical.
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.
It is now more than ever more necessary that there are no cuts made to federal housing programs. On Wednesday, July 25, 2018, advocates from New Jersey will travel to Washington DC for the annual Congressional Reception with the messages “No Cuts to Housing” and “Opportunity Starts at Home.” Cuts are hurting our communities that serve low-income families, the homeless and those with special needs.
On the morning of July 25, 2018, buses will be leaving from various locations across New Jersey and traveling to the Congressional Reception which will be held from 12:00 p.m. to 4:00 p.m. in the Dirksen Senate Auditorium. Speakers impacted by homelessness will address their elected officials in Washington who will be invited to join their constituents at the Congressional Reception.
Click here for more information about the Affordable Housing Credit Improvement Act, including talking points and advocacy resources, visit the ACTION campaign website.