The Affordable Housing Tax Credit Coalition (AHTCC) looks forward to working with President-Elect Joseph Biden, Vice President-Elect Kamala Harris, and the Biden-Harris Transition Team to ensure that every American has access to safe, stable, affordable housing and the opportunity that it provides. Summarized below, the AHTCC has shared with the Biden-Harris Transition Team a transition memo that details our legislative and regulatory priorities to help inform immediate policy decisions as they relate to affordable housing and the Housing Credit.
The AHTCC greatly appreciates the ambitious affordable housing platform set forth by the Biden-Harris campaign, and especially the proposal to strengthen and expand the Housing Credit. While the need for affordable housing is vast and growing at a staggering rate, we appreciate the acknowledgment that we already have proven tools at the ready to tackle this crisis. We look forward to working with the incoming Administration to advance these common-sense, bipartisan proposals.
Legislative Priorities to Expand and Preserve Our Affordable Housing Supply
- Enact the Affordable Housing Credit Improvement Act to expand and strengthen the Housing Credit
- Support affordable housing through any COVID-19 relief
- Legislative Priorities for Immediate Emergency Relief:
- Enact a minimum 4 percent Housing Credit rate, and
- Allocate emergency rental assistance.
- Legislative Priorities for Long-Term Economic Recovery:
- Increase the annual Housing Credit allocation by 50 percent,
- Lower the “50 Percent Test” bond financing threshold to 25 Percent, and
- Provide additional Housing Credit basis boosts.
- Legislative Priorities for Immediate Emergency Relief:
Regulatory Priorities to Expand and Preserve Affordable Housing Supply
- Propose a single CRA Rule that strongly incentivizes Housing Credit investment
- Address issues relating to amending tax returns and Forms 8609
- Extend Housing Credit deadlines in response to disruptions from the COVID-19 crisis
- Reform Housing Credit Average Income Test regulations proposed by the IRS
- Support continued GSE investments in the Housing Credit
To learn more, read our full memo here.
Established in 1988, the AHTCC is a leading trade association of nearly 200 organizations and businesses that advocate for affordable housing financed using the Low-Income Housing Tax Credit (Housing Credit). AHTCC members represent the full spectrum of those involved in providing affordable housing, including syndicators, developers, investors, state allocating agencies, and affiliated businesses and non-profits, and together have financed or developed well over half of our nation’s nearly 3.5 million Housing Credit apartments.
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