Affordable housing champions Reps. Suzan DelBene (D-WA) and Jackie Walorski (R-IN) are requesting signatories for a letter to House Leadership urging the enactment of Housing Credit priorities in response to the COVID-19 crisis. The goal of the letter is to demonstrate strong, bipartisan support as Congress develops COVID-19 response legislation. The deadline for Representatives to join the letter is COB, Monday, July 27.
The letter calls for enacting a minimum 4 percent Housing Credit rate; providing targeted basis boosts to make more developments financially feasible; lowering the bond-financing “50 percent test;” and increasing the annual Housing Credit allocation by at least 50 percent.
The AHTCC is engaging with Representatives to urge them to sign on to this letter, and we encourage all AHTCC members to engage with your Representatives and those who represent the areas in which you work. We especially encourage you to reach out to Representatives who have already co-sponsored the Affordable Housing Credit Improvement Act (H.R. 3077) to thank them for their support and encourage them to convey their support for the Housing Credit once again by signing on to this letter. AHTCC members should reach out to Megan John for assistance.
Senate Strategy Continues to Focus on Minimum 4 Percent Housing Credit Rate
As the Senate considers the next COVID-19 response legislation, we are emphasizing the unique and immediate need to set a minimum 4 percent Housing Credit rate, given the credit rate’s tie to federal borrowing rates that were slashed as part of the economic response to the COVID-19 crisis. Hovering around 3.07 percent, the credit rate has reached a historic and debilitating low, rendering many developments infeasible.
Thank you to all of you who have reached out to your Senators already. If you have not done so, we encourage you to contact the Senators that represent you and the areas in which you work to ask them to urge Senate leadership to include a minimum 4 percent Housing Credit rate in the next COVID-19 package.