Tell Congress to Support Improvements to LIHTC!
Congress is currently working on reaching an agreement to pass a tax package before the 2024 tax filing season. Any tax package passed through Congress must include the Affordable Housing Credit Improvement Act, a bipartisan bill that would provide critical improvements to the Low-Income Housing Tax Credit (LIHTC) program. The bill would:
- increase state allocations of the credit;
- repeal the qualified census tract population cap;
- prohibit consideration of local approval and local government contribution requirements for housing projects;
- increase the credit for certain projects designated to serve extremely low-income households;
- increase the credit for certain bond-financed projects designated by state agencies;
- eliminate the basis reduction for properties that receive certain energy-related tax benefits; and
- increase the population cap for difficult development areas (i.e., areas with high construction, land, and utility costs relative to area median gross income).
Our country is in the midst of an unprecedented housing crisis, all of which hinges on the shortfall of housing supply. Each state is experiencing shortages in affordable rental housing. Federal affordable housing solutions work; join NAHRO in supporting the Low-Income Housing Tax Credit — which has created over 3.6 million units for over 8 million families since its creation in 1986 — and tell Congress to include the Affordable Housing Credit Improvement Act in any tax package it considers.
Visit NAHRO’s Action Alert Center to send a letter to your members of Congress today!