Statement from Enterprise Housing Credit Investments President and CEO Scott Hoekman on "The Save Affordable Housing Act of 2019"
June 25, 2019 - Legislators introduced a bipartisan bill, The Save Affordable Housing Act of 2019, that would make a crucial correction to the Qualified Contract 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.
In response to the proposal, Enterprise Housing Credit Investments President and CEO Scott Hoekman said, “Enterprise strongly supports The Save Affordable Housing Act and applauds Senators Wyden and Young and Representatives Neguse, Beyer, and Walorski for their commitment to strengthening the Housing Credit program and ensuring that Housing Credit properties remain affordable for at least 30 years as Congress intended. The Housing Credit is our nation’s most successful tool for financing the production and preservation of affordable rental housing and The Save Affordable Housing Act would prevent the premature loss of critical affordable homes by closing the Qualified Contract loophole. This important proposal would strengthen how the Housing Credit serves communities nationwide in dire need of affordable housing.”
To learn more about the current Qualified Contract provision and the federal proposal, read our blog.