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The Affordable Housing Tax Credit Coalition The Affordable Housing Tax Credit Coalition
  • ABOUT
    • About the AHTCC
    • AHTCC Members
    • AHTCC Leadership
    • Contact Us
    • Finding Housing
  • ADVOCACY
    • Affordable Housing for Veterans
    • COVID-19 Response
    • The Housing Credit
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    • Regulatory Issues
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    • AHTCC Legislative Priorities
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    • Charles L. Edson Tax Credit Excellence Awards
    • Champion of Affordable Housing Award
    • David Reznick Lifetime Achievement Award
  • GALLERY
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  • JOIN AHTCC
Mar 03

House Ways and Means Committee Hearing with Secretary Mnuchin Highlights Bipartisan Support for Housing Credit

  • March 3, 2020
  • 2020 News, Affordable Housing Credit Improvement Act (AHCIA), Housing Credit

In a House Ways and Means Committee hearing today on President Trump’s proposed fiscal year (FY) 2021 budget, Treasury Secretary Steven Mnuchin expressed interest in working with Congress to strengthen the Low-Income Housing Tax Credit (Housing Credit) by enacting a minimum 4 percent rate. Currently, the so-called “4 percent” Housing Credit rate is tied to federal borrowing rates, which are historically low. As a result, the rate has actually fallen below 3.2 percent, making many Housing Credit properties financially infeasible. Setting a minimum 4 percent Housing Credit rate would provide parity with the 9 percent Housing Credit and would enable the development or preservation of at least 66,000 more affordable homes over the next decade. The Affordable Housing Credit Improvement Act of 2019 (AHCIA) would solve this problem and further expand and strengthen the Housing Credit, and is currently co-sponsored by nearly half of the U.S. House of Representatives (H.R. 3077).

During the hearing, one of the lead sponsors of the AHCIA Rep. Jackie Walorski (R-IN-2) and co-sponsor Rep. Dwight Evans (D-PA-3) focused specifically on the 4 percent Housing Credit rate. In both exchanges, Secretary Mnuchin stated that he is aware of the bipartisan and bicameral support for this solution and that he would work with both members of Congress on this issue. Last month, Secretary Mnuchin made similar comments in an exchange with AHCIA lead sponsor in the Senate, Sen. Maria Cantwell (D-WA), during the Senate Finance Committee hearing on the President’s proposed budget. See Sen. Cantwell’s press release about the hearing here.

During questioning from AHCIA co-sponsors Reps. Evans and Jimmy Panetta (D-CA-20), Secretary Mnuchin also noted the Administration’s focus on affordable housing, stating that housing finance reform is an important component and that the Housing Credit is an important tool. We commend the affordable housing champions in Congress and Secretary Mnuchin for recognizing the importance of the Housing Credit during these hearings, and look forward to working with Congress and the Administration to strengthen the Housing Credit.

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The Affordable Housing Tax Credit Coalition is a trade organization of housing professionals who advocate in support of the Low-Income Housing Tax Credit

LATEST NEWS FROM AHTCC

  • IRS Issues Housing Credit Relief in Response to COVID-19 Crisis
  • New Congress and Administration Present Opportunities for Affordable Housing

AHTCC ON TWITTER

Retweet on TwitterAHTCC Retweeted
16 Jan

The IRS just issued long-awaited guidance to extend Housing Credit deadlines and provide other flexibilities in light of the COVID-19 pandemic. Initial IRS relief expired at the end of 2020, and new ... notice extends through Sept 2021 and later. Our summary: https://www.taxcreditcoalition.org/irs-issues-housing-credit-relief-in-response-to-covid-19-crisis/

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