Representative Chris Smith (NJ-R-4) speaking at the 2018 Congressional Reception.
Urge His Colleagues from NJ to Join the 174 House Co-Sponsors of HR 1661 the Housing Credit Bill
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).
A household earning minimum wage earning 8.60/hour would need to work 107 hours a week to afford a modest 1 bedroom rental home at Fair Market Rent.
According to the ACTION Campaign, in NJ, 329,669 households pay more than half of their monthly income on rent, leaving too little for other expenses like health care, transportation and nutritious food.
In addition to the 174 co-sponsors on the House version of the legislation (H.R. 1661), there are 40 co-sponsors on the Senate version of the bill (S. 548). This tremendous support comes after omnibus spending bill that included a significant down payment on Housing Credit resources by enacting a temporary expansion of the program and the new option for income averaging.
According to the ACTION Campaign, it remains likely that Congress could consider tax legislation in the Lame Duck session after the election, which is the best opportunity to advance more provisions of the Affordable Housing Credit Improvement Act (S. 548/H.R. 1661) this year.
The ACTION Campaign continues to seek increased co-sponsorship to position the Housing Credit as strongly as possible as Congress heads into potential legislative negotiations.
All Housing Credit stakeholders are encouraged to continue reaching out to your elected officials who have not yet signed onto the Affordable Housing Credit Improvement Act and urge them to do so.
Stakeholders are also encouraged to thank your members of Congress who have already co-sponsored the legislation to reinforce their support heading into potential negotiations.
The support for this proposed legislation in Congress 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 – including Monarch Housing – working to address our nation’s severe shortage of affordable rental housing by protecting, expanding and strengthening the Low-Income Housing Tax Credit.