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Tell the Senate to Pass Critical Improvements to LIHTC!

This Thursday, August 1, Majority Leader Chuck Schumer (D-NY) will put the popular Wyden-Smith bipartisan tax package to a vote on the Senate floor. For months, the Tax Relief for American Families and Workers Act has been stalled in the Senate, primarily due to disagreements on the Child Tax Credit provision. Earlier this year the bill passed the House with 357 votes showing strong bipartisan support for other provisions in the bill, such as the Low-Income Housing Tax Credit (LIHTC). To improve the LIHTC program, the bill would:

  • Restore the 12.5 percent increase in 9 Percent Housing Credit authority the program suffered after a temporary increase expired in 2021. The bill’s cap increase would apply to calendar years 2023, 2024, and 2025.
  • Lower the bond-financing threshold for 4 Percent Housing Credit developments financed with bonds that have an issue date prior to 2026.

Together, these provisions are estimated to finance over 200,000 new affordable rental homes. The tax package vote is expected to be one of the final items on the Senate’s agenda before Congress leaves for its August Recess. While there does not appear to be enough support in the Senate to pass the package this week, NAHRO is urging Senators to support passage of the LIHTC provisions in the bill. Let your senators know that you’re counting on them to support legislation that provides safe, stable, affordable housing for everyone in your state.

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