In July, the AHTCC facilitated a site visit of a Low-Income Housing Tax Credit (Housing Credit) property in Washington, DC for House Ways and Means Committee Community Development Tax Team members.
In April, House Ways and Means Committee Chairman Jason Smith (R-MO-8) and Tax Subcommittee Chairman Mike Kelly (R-PA-16) announced the formation of ten “Tax Teams,” each of which consists of Republican Ways and Means Committee members that will focus on a particular area of tax policy in preparation for 2025 tax legislation, when more than $4 trillion worth of tax cuts from the 2017 Tax Cuts and Jobs Act are set to expire. The Community Development Tax Team will cover the Housing Credit, and includes five Representatives, all of whom are supporters of the Affordable Housing Credit Improvement Act (AHCIA): lead AHCIA co-sponsors Reps. LaHood (R-IL-16) and Tenney (R-NY-24), as well as original AHCIA co-sponsors Rep. Mike Kelly (R-PA-16), who serves as the Team Chair, Mike Carey (R-OH-15), and Blake Moore (R-UT-1).
Chair Kelly joins Justin Walker from The Community Builders and Peter Lawrence from Novogradac on a tour of The Beacon
This site visit was part of the educational efforts to inform the Tax Team about credits in their jurisdiction. During the visit, Community Development Tax Team Chair Mike Kelly (R-PA-16), Rep. Blake Moore (R-UT-1), and staff from the other Tax Team member offices and Ways and Means Committee staff were in attendance for a briefing and tour of The Beacon Center, a Housing Credit property developed by The Community Builders (TCB) with financing from Red Stone Equity Partners. In press releases from Rep. Mike Kelly (R-PA-16) and the House Ways and Means Committee about the site visit, the Housing Credit was described as “pro-growth” tax policy:
“During this tour, we were able to see the real impact power of pro-growth tax policy and how it can create affordable housing for millions of Americans,” Rep. Kelly said. “As we prepare for the 2025 tax talks, visits like these are vital so we can see first-hand just how these policies are impacting Americans both today and for generations to come.”
Chair Kelly issues press release on site tour with Quinn Pregliasco Geisler of The Community Builders
AHTCC CEO Emily Cadik, alongside team members from AHTCC member organizations TCB and Novogradac, briefed the congressional attendees on the history and mechanics of the Housing Credit, the growing need for affordable housing, and the bipartisan Affordable Housing Credit Improvement Act, before joining them on a tour of The Beacon Center, a mixed-use development that includes 99 affordable housing units, as well as an array of community services, targeted at low- to moderate-income households.
AHTCC CEO Emily Cadik briefs Chair Mike Kelly (R-PA), Rep. Blake Moore (R-UT) and staff from Community Development Tax Team member offices and the Ways and Means Committee
The Ways and Means Tax Teams continue to lay the groundwork for 2025 tax legislation, with the potential for additional Housing Credit site visits by the Community Development Tax Team in the coming months. AHTCC members are encouraged to engage Representatives and Senators in meaningful advocacy activities, such as property visits, to demonstrate the impact the Housing Credit has for their constituents – especially as 2025 tax negotiations grow closer.
Comments are closed.