The Affordable Housing Tax Credit Coalition (AHTCC) commends Representative Pat Tiberi (R-OH-12) and Ways and Means Committee Ranking Member Richard Neal (D-MA-1) for their leadership in introducing yesterday the Affordable Housing Credit Improvement Act of 2017 (H.R. 1661).
The bipartisan bill to strengthen the Low-Income Housing Tax Credit (Housing Credit), which is responsible for the creation and preservation of nearly all affordable rental homes nationwide, is companion legislation to S. 548, which Senator Maria Cantwell (D-WA) and Senate Finance Committee Chairman Orrin Hatch (R-UT) introduced earlier this month to strengthen and expand the Housing Credit.
The comprehensive House bill would provide increased flexibility, simplify program requirements, make the financing of affordable housing more predictable and streamlined, support the preservation of existing affordable housing, and facilitate Housing Credit development in challenging markets, like rural and Native American communities, and for hard-to-reach populations, including those with extremely low incomes. The legislation also contains important provisions that would support development of rental homes using the Housing Credit coupled with multifamily Housing Bonds, which currently provide critical financing to roughly 40 percent of Housing Credit apartments.
AHTCC also thanks for their bipartisan leadership and support the following 16 other original co-sponsors, including 13 members of the House Ways and Means Committee: Carlos Curbelo (R-FL-26), John Faso (R-NY-19), John Katko (R-NY-24), Mike Kelly (R-PA-3), Patrick Meehan (R-PA-7), Erik Paulsen (R-MN-3), David Reichert (R-WA-8), James Renacci (R-OH-16), Jason Smith (R-MO-8), Earl Blumenauer (D-OR-3), Joseph Crowley (D-NY-14), Danny Davis (D-IL-7), Gregory Meeks (D-NY-5), Bill Pascrell (D-NJ-9), Linda Sanchez (D-CA-38), and Mike Thompson (D-CA-5).
“The Low-Income Housing Tax Credit is a vital and effective tool to address the affordable housing crisis in America,” Representative Tiberi said in a statement. “…It is a great example of how the private sector can work with government to help families, individuals and seniors find a safe and decent place to live and call home.”
Representative Neal added, “The Low-Income Housing Tax Credit is a powerful tool for leveraging private investment for affordable housing…I’m pleased to once again be teaming with my colleague, Pat Tiberi, to further strengthen the Housing Credit program – and I call on my colleagues to support these commonsense reforms.”
AHTCC looks forward to working with Representatives Tiberi and Neal, Congress, and the Administration to advance the Affordable Housing Credit Improvement Act this year as a significant step toward strengthening our economy and communities, while addressing America’s growing affordable housing challenges.