On Thursday, April 16, 2015, the House Financial Services Committee held a hearing entitled “The Future of Housing in America: Increasing Private Sector Participation in Affordable Housing.” The hearing was focused primarily on HUD programs because the Financial Services Committee does not have jurisdiction over tax programs like the Low Income Housing Tax Credit. Even keeping this limited focus in mind, it is understood that the Housing Credit is considered the most successful private-public affordable housing partnership. In support of the Housing Credit, Congressman Pat Tiberi (R-OH) submitted the below-linked statement to the Financial Services Committee.
In the statement, Congressman Tiberi explains “since its enactment as part of the Tax Reform Act of 1986, the Housing Credit has been the key financial tool utilized in virtually all affordable rental housing development and preservation.” Congressman Tiberi went on to encourage his colleagues to visit a Housing Credit development in their districts adding “my experience has been that seeing is believing; this housing has transformed the lives of its residents and has revitalized communities all over my district and I am confident you will find the same results in your districts as well.
Witnesses as the hearing were: Ms. Adrienne Todman, Executive Director, District of Columbia Housing Authority; Mr. Brad Fennell, Senior Vice President, WC Smith; Mr. James Evans, Director, Quadel Consulting; and Ms. Shelia Crowley, President and Chief Executive Officer, National Low-Income Housing Coalition.
A video of the hearing should be archived online at the Committee’s website, www.financialservices.house.gov, in the coming days.