CARH'S BROADCAST E-MAIL –
Legislative Update

April 1, 2014

On Thursday, April 3, the Senate Finance Committee will hold a mark-up of legislation that would extend dozens of expired and expiring tax provisions. An extension of the minimum 9 percent Low-Income Housing Tax Credit (Housing Credit) rate and the New Markets Tax Credit are included in the Chairman's mark.

The extension of the minimum 9 percent rate would apply to Housing Credit allocations made through January 1, 2016. The New Markets Tax Credit would be extended through 2014 and 2015 with an allocation of $3.5 billion. CARH support passage of the extenders legislation and also is hopeful that the following additional amendments will be agreed to by the Committee:

*  Cantwell-Roberts Minimum 4 Percent Housing Credit Rate Amendment

Senator Maria Cantwell (D-WA) and Senator Pat Roberts (R-KS) are planning to introduce an amendment to enact a minimum 4 percent Housing Credit rate for the acquisition of existing affordable housing. Unlike the minimum 9 percent rate, there has never been a minimum 4 percent rate. The credit percentage for acquisition of affordable housing is currently 3.25 percent, meaning this amendment would allow for roughly 23 percent more Housing Credit equity to go into the acquisition of affordable housing.  This amendment if passed and enacted into law, would help further the preservation of rural housing throughout the country.

* Rockefeller New Markets Tax Credit Amendment

Senator Jay Rockefeller (D-WV) is planning to offer an amendment to increase the New Markets Tax Credit allocation in the Chairman's mark from $3.5 billion to $4.7 billion.

CARH members who are in states where their Senator is a member of the Senate Finance Committee (click here for a list of committee members) it is important that you contact your Senator and ask that they support the Cantwell-Roberts and Rockefeller amendments.  If you are not represented by members of the Senate Finance Committee, please ask your senators to reach out to their colleagues on the Senate Finance Committee to demonstrate their support.

Click here to contact your Senators.

Please contact the CARH national office at carh@carh.org or 703-837-9001 should you have questions or concerns.