The Affordable Housing Tax Credit Coalition (AHTCC) commends Congress for strengthening and expanding the Low-Income Housing Tax Credit (Housing Credit) in the omnibus spending bill agreed to today. The House and Senate plan to vote to pass this omnibus bill before government funding runs out on Friday, March 23.
We applaud, especially, Senator Cantwell (D-WA), Senate Finance Committee Chairman Hatch (R-UT), Representative Curbelo (R-FL) and Representative Neal (D-MA) for their strong leadership in supporting the Affordable Housing Credit Improvement Act, on which the following Housing Credit provisions in the omnibus bill were based:
- A 12.5 percent increase in Housing Credit allocation for four years (2018-2021);
- Income averaging on a permanent basis,enabling the 60 percent area median income ceiling to apply to the average of all apartments in a development rather than each individual Housing Credit apartment.
AHTCC is also grateful to Congressional leadership for ensuring these provisions were included in the final omnibus bill, recognizing the Housing Credit as a smart policy, with a demonstrated history of success, on which to build to address our growing affordable housing challenges nationwide. And, a special thank you to former Representative Tiberi (R-OH), who was an original co-sponsor of Affordable Housing Credit Improvement Act in the House.
These provisions to strengthen and expand the Housing Credit could not come at a more urgent time, when 11 million households struggle to keep a roof over their heads and when America’s affordable housing crisis is expected to grow by 25 percent, according to a report released by Senator Cantwell highlighting the dramatic impacts of skyrocketing rents across the country.
The Housing Credit provisions included in the omnibus bill are a strong step toward addressing these growing affordable housing challenges. We welcome the opportunity before us to continue to work with Senator Cantwell, Chairman Hatch, Representatives Curbelo and Neal, and other Congressional leaders to further strengthen the Housing Credit by enacting the remaining provisions of the Affordable Housing Credit Improvement Act.