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Legislation Introduced in the House to Make Permanent Housing Credit Floor
CARH’S BROADCAST E-MAIL – Legislative Update
March 2, 2015
On February 26th, Representatives Pat Tiberi (R-OH) and Richard Neal (D-MA) introduced H.R. 1142 that would permanently establish a fixed nine percent (for new rental construction property) and four percent (for existing property) Housing Credits. The bill would apply to buildings placed in service after Dec. 31, 2014.
As CARH members know, The Housing and Economic Recovery Act of 2008 (HERA) set a fixed floor rate for the 9 percent Housing Credit. The Tax Increase Prevention Act of 2014, which passed at the end of the last Congress, extended the fixed floor rate for the 9% credit through the end of 2014. However, due to passage of the legislation in December, there were very few owners or developers who could use this flat rate because allocations of tax credits had already been made using a variable rate. For a majority, it would not be feasible for transactions to be resubmitted with the fixed rate.
Cosponsors of the bill include:
Republicans
- Charles Boustany (LA)
- Devin Nunes (CA)
- Erik Paulsen (MN)
- Tom Reed (NY)
- Jim Renacci (OH)
- Aaron Schock (IL)
- Dave Reichert (WA)
- Todd Young (IN)
Democrats
- Earl Blumenauer (OR)
- Danny Davis (IL)
- Ron Kind (WI)
- John Larson (CT)
- Jim McDermott (WA)
- Bill Pascrell (NJ)
- Charlie Rangel (NY)
- Mike Thompson (CA)
Companion legislation is expected to be introduced in the Senate by Senators Pat Roberts (R-KS) and Maria Cantwell (D-WA) in the coming weeks. CARH members are urged to contact their Representatives to ask them to cosponsor H.R. 1142.
The Housing Credit will be one of the many issues that will be discussed this week with Members of Congress when CARH’s Board of Directors hold their Spring meeting.
If you have any questions, please contact CARH at 703-837-9001 or carh@carh.org.