Today legislators introduced a bipartisan bill, The Save Affordable Housing Act of 2019, that would make a crucial correction to the Qualified Contract (QC) provision in Section 42 of the Internal Revenue Code and save thousands of Low-Income Housing Tax Credit (Housing Credit) properties from prematurely converting to market rate.
The ACTION Campaign (ACTION), which Enterprise co-chairs, released new fact sheets that demonstrate the impact of multifamily housing bonds (Housing Bonds) with the Low-Income Housing Tax Credit (Housing Credit), as well as the projected additional affordable homes from establishing a minimum 4 percent Housing Credit rate at the national scale and for the top 12 states that would benefit.
Enterprise offers an insight on the legislative outlook and advocacy strategy in the lame duck session and the 116th Congress, including the current frontrunners for leadership positions on key appropriations and tax committees in both chambers.
The House and Senate have both approved the conference report of the Tax Cuts and Jobs Act. The House passed the bill yesterday by a vote of 227 – 203, with 12 Republicans and all Democrats voting against it, and had to vote again today because of some technical corrections that arose during Senate consideration.
Yesterday, the House passed its tax reform bill, which would have devastating impacts on affordable housing and community development. The Senate also passed its tax reform bill out of Committee yesterday and will plan to send the bill to the Senate floor for a vote the week of November 27. Now is the last opportunity advocates may have to advocate for the Housing Credit, Housing Bonds and NMTC in the tax reform process.
Last night Senate Finance Committee Chairman Orrin Hatch (R-UT) released a modified chairman’s mark for the Senate version of the “Tax Cuts and Jobs Act,” which includes many significant changes from the version released last Thursday.
The Senate Finance Committee held a hearing on "America’s Affordable Housing Crisis: Challenges and Solutions."In a bipartisan show of support for affordable housing, members of the Committee from both sides of the aisle acknowledged the need for more affordable housing and the role of the Low-Income Housing Tax Credit (Housing Credit) as our nation’s primary tool for increasing the supply of affordable rental housing.
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).