Representatives Tiberi and Neal Introduce Legislation to Strengthen Housing Credit
Yesterday Representative Pat Tiberi (R-OH-12) and Ways and Means Committee Ranking Member Richard Neal (D-MA-1) introduced the Affordable Housing Credit Improvement Act of 2017 (H.R. 1661), a bipartisan, comprehensive bill to strengthen the Low-Income Housing Tax Credit (Housing Credit). The bill is companion legislation to S. 548, which Senator Maria Cantwell (D-WA) and Senate Finance Committee Chairman Orrin Hatch (R-UT) introduced earlier this month. In addition to Representatives Tiberi and Neal, there are 16 other original co-sponsors. With tax reform likely to advance in 2017, this strong bipartisan expression of support for the Housing Credit is especially significant.
The House bill is nearly identical to the Senate version of the legislation, but does not include the 50 percent increase in Housing Credit allocation. However, it takes significant steps towards strengthening the Housing Credit, and the ACTION Campaign, which Enterprise co-leads along with the National Council of State Housing Agencies, fully endorses this legislation. Enterprise and ACTION will also continue to encourage the inclusion of a Housing Credit cap increase in any tax reform legislation that may move through Congress.
“The Low-Income Housing Tax Credit is a vital and effective tool to address the affordable housing crisis in America,” Representative Tiberi said in a statement. “Since 1987, Ohio has used the LIHTC Program to facilitate the development of over 100,000 affordable rental housing units. It is a great example of how the private sector can work with government to help families, individuals and seniors find a safe and decent place to live and call home. I look forward to working with Congressman Neal and the rest of the Ways and Means Committee as we reform our tax code to ensure that this incentive to provide affordable housing remains strong.”
“The Low-Income Housing Tax Credit is a powerful tool for leveraging private investment for affordable housing,” said Representative Neal. “I’m pleased to once again be teaming with my colleague, Pat Tiberi, to further strengthen the Housing Credit program – and I call on my colleagues to support these commonsense reforms.”
A recent article in the Wall Street Journal affirmed that there is strong support among for the Housing Credit among House Ways and Means Committee members. According to Emily Schillinger, communications director for the Ways and Means Committee, “Ways and Means Republicans believe the Low-Income Housing Tax Credit is important and they are working through how this credit will fit in our next system.”
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Visit the ACTION Campaign website for more advocacy tools and information about efforts to protect, strengthen and expand the Housing Credit.