CARH’s BROADCAST EMAIL – Legislative Update

March 22, 2017

On March 21^st, Representatives Pat Tiberi (R-OH) and Richard Neal (D-MA) introduced H.R. 1661, Affordable Housing Credit Improvement Act of 2017. The bill is similar, but not identical, to legislation introduced in the Senate (S. 548). CARH members were notified of that legislation via broadcast email on March 8^th. H.R. 1661 establishes a minimum 4 percent credit rate, allows income-averaging, modifies student occupancy rules, allows states to grant a 30 percent basis boost if it’s necessary to make a project financially feasible, renames the Low-Income Housing Tax Credit to the Affordable Housing Tax Credit, and more. A section-by-section summary of the bill can be found here.

The difference in H.R. 1661 from S. 548 is that it does not provide for an increase to the annual allocation for Housing Credits by 50 percent. Additionally, the energy provision regarding not reducing Housing Credit basis only includes Section 48 investment tax credits and not the Section 45L credit or Section 179D deduction.

The other original 16 cosponsors of H.R. 1661 are: Patrick Meehan (R-PA-7), Earl Blumenauer (D-OR-3), Mike Kelly (R-PA-3), Linda Sanchez (D-CA-38), Erik Paulsen (R-MN-3), Joseph Crowley (D-NY-14), David Reichert (R-WA-8), Mike Thompson (D-CA-5), Jason Smith (R-MO-8), Danny Davis (D-IL-7), Carlos Curbelo (R-FL-26), Gregory Meeks (D-NY-5), John Faso (R-NY-19), John Katko (R-NY-24), Bill Pascrell, Jr. (D-NJ-9), and James Renacci (R-OH-16).

CARH members are encouraged to contact your Representatives and ask them to cosponsor the Affordable Housing Credit Improvement Act of 2017.

CARH’s board of directors will be holding its spring board meeting in Washington on March 23-24, 2017.  The Housing Credit and Housing Bond programs will be some of the issues that the board will discuss in their various meetings on Capitol Hill.