Legislative and Regulatory Priorities
|We urge Congress to increase affordable rental housing production by expanding and strengthening the Housing Credit. We encourage enactment of the proposals included in the Affordable Housing Credit Improvement Act (AHCIA), comprehensive, bipartisan legislation to expand and strengthen the Housing Credit. We also urge enactment of the Housing Credit production proposals included in Build Back Better that originated in the AHCIA:
We encourage the Internal Revenue Service to continue to provide Housing Credit regulatory flexibilities that improve our ability to finance, develop and operate affordable housing. In addition to flexibilities that may be needed to address continued barriers and challenges brought on by the COVID-19 crisis, we encourage the IRS to modify its proposed Average Income Test regulations, provide a solution to issues that have arisen around Forms 8609, and address other issues as they arise.
We urge the Biden Administration to ensure the Community Reinvestment Act continues to strongly incentivize Housing Credit investment. CRA motivates the vast majority of Housing Credit investment – an estimated 73 percent – meaning any changes to CRA could significantly impact our ability to build and preserve affordable housing. We encourage the three regulators – the Office of the Comptroller of the Currency, Federal Reserve Board, and Federal Deposit Insurance Corporation – to develop a single rule that enhances investment in the Housing Credit.