Earlier today, Senator Maria Cantwell (D-WA) and Senate Finance Committee Chairman Orrin Hatch (R-UT) introduced the Affordable Housing Credit Improvement Act of 2016 (download available below). This legislation would phase in a 50 percent increase in allocated Credits to the state allocating agencies over 5 years, establish a permanent 4 percent Credit floor for acquisitions of existing property and bond financed transactions, and create an income averaging provision. Senator Cantwell released this press release earlier this afternoon discussing the legislation. Below is a statement from AHTCC President Tony Alfieri applauding the Senators’ leadership, along with that of their original cosponsors Senators Wyden and Schumer.
“We commend Senator Cantwell and Chairman Hatch for their outstanding leadership in introducing this legislation to expand and strengthen the low-income housing tax credit. Senators Cantwell and Hatch recognize the tremendous need for additional affordable rental housing and the effectiveness of the housing tax credit not only in addressing that need but in creating jobs, strengthening communities and improving lives. We very much appreciate their actions, along with those of original cosponsors Senate Finance Committee members Wyden (ranking member) and Schumer, and we look forward to working with them in gaining passage of this legislation.”