NLBMDA wants affordable housing action
One of National Lumber and Building Material Dealer Association’s (NLBMDA) legislative priorities in 2019 is to protect and expand affordable housing in the United States.
And in a call for action released today, the NLBMDA wants its members to press Congress to address the shortage of affordable housing.
The NLBMDA issued the following statement regarding the Affordable Housing Credit Improvement Act:
The association thanks its members for their support in encouraging their members of Congress to address the nation's affordable housing shortage through cosponsoring the Affordable Housing Credit Improvement Act (AHCIA).
As 2019 comes to a close, so does the window of time to pass the Affordable Housing Credit Improvement Act (AHCIA). Since the bill's introduction in both chambers of Congress (S. 1703, H.R. 3077) this past June, the bill has grown bipartisan support. The bill has 17 cosponsors in the Senate and 103 cosponsors in the House of Representatives.
The next step is to ask your Representative and Senators to support the expansion of the low-income housing tax credit by approving the Affordable Housing Credit Improvement Act (S. 1703, H.R. 3077).
This bill has the best opportunity of being enacted into law if supported through a tax vehicle in 2019. Click here to contact your Members of Congress today! NLBMDA encourages everyone to forward the link to your employees, fellow members, and industry partners.
The Affordable Housing Credit Improvement Act (S. 1703, H.R. 3077) would address the nation’s shortage of affordable housing by protecting, expanding and strengthening the Low-Income Housing Tax Credit (LIHTC).
The legislation was introduced in the Senate by Senators Maria Cantwell (D-WA), Johnny Isakson (R-GA), Ron Wyden (D-OR), and Todd Young (R-IN) and introduced in the House by Representatives Suzan DelBene (D-WA), Kenny Marchant (R-TX), Don Beyer (D-VA), and Jackie Walorski (R-IN).
This legislation would boost affordable housing development by increasing the amount of credits allocated to each state by 50% over a five year period. The bill also establishes a minimum 4% credit rate floor which will increase the amount of equity available to build affordable housing and help close the gap between the costs of developing homes and the financing available to provide affordable rents to low and moderate-income families. Estimates have shown that 65,000 additional rental homes could be financed over the next 10 years if a minimum 4 percent floor is established for low-income housing tax credits (LIHTCs), in combination with tax-exempt private activity bonds.
Since 1986, LIHTC has financed the development of over 3 million apartments, providing affordable homes to roughly 7.2 million low to moderate-income families. The development of these apartments has supported 3.4 million jobs, and generated $323 billion in local income and $127 billion in federal, state and local tax revenues.
And in a call for action released today, the NLBMDA wants its members to press Congress to address the shortage of affordable housing.
The NLBMDA issued the following statement regarding the Affordable Housing Credit Improvement Act:
The association thanks its members for their support in encouraging their members of Congress to address the nation's affordable housing shortage through cosponsoring the Affordable Housing Credit Improvement Act (AHCIA).
As 2019 comes to a close, so does the window of time to pass the Affordable Housing Credit Improvement Act (AHCIA). Since the bill's introduction in both chambers of Congress (S. 1703, H.R. 3077) this past June, the bill has grown bipartisan support. The bill has 17 cosponsors in the Senate and 103 cosponsors in the House of Representatives.
The next step is to ask your Representative and Senators to support the expansion of the low-income housing tax credit by approving the Affordable Housing Credit Improvement Act (S. 1703, H.R. 3077).
This bill has the best opportunity of being enacted into law if supported through a tax vehicle in 2019. Click here to contact your Members of Congress today! NLBMDA encourages everyone to forward the link to your employees, fellow members, and industry partners.
The Affordable Housing Credit Improvement Act (S. 1703, H.R. 3077) would address the nation’s shortage of affordable housing by protecting, expanding and strengthening the Low-Income Housing Tax Credit (LIHTC).
The legislation was introduced in the Senate by Senators Maria Cantwell (D-WA), Johnny Isakson (R-GA), Ron Wyden (D-OR), and Todd Young (R-IN) and introduced in the House by Representatives Suzan DelBene (D-WA), Kenny Marchant (R-TX), Don Beyer (D-VA), and Jackie Walorski (R-IN).
This legislation would boost affordable housing development by increasing the amount of credits allocated to each state by 50% over a five year period. The bill also establishes a minimum 4% credit rate floor which will increase the amount of equity available to build affordable housing and help close the gap between the costs of developing homes and the financing available to provide affordable rents to low and moderate-income families. Estimates have shown that 65,000 additional rental homes could be financed over the next 10 years if a minimum 4 percent floor is established for low-income housing tax credits (LIHTCs), in combination with tax-exempt private activity bonds.
Since 1986, LIHTC has financed the development of over 3 million apartments, providing affordable homes to roughly 7.2 million low to moderate-income families. The development of these apartments has supported 3.4 million jobs, and generated $323 billion in local income and $127 billion in federal, state and local tax revenues.