Senator Maria Cantwell (D-WA) released a report entitled, “Meeting the Challenges of the Growing Affordable Housing Crisis – Expanding and Improving the Housing Tax Credit” which highlights the dramatic impacts on skyrocketing rents nationwide at the National Council of State Housing Agencies’ Legislative Conference on March 6.

Senator Cantwell also announced that she, and at least ten other senators, will be introducing the Affordable Housing Credit Improvement Act of 2017 later this week. The bill includes a provision to increase the annual allocation for low-income housing tax credits by 50 percent, establish a minimum 4 percent credit rate, allow income-averaging, modify student occupancy rules, allow states to grant a 30 percent basis boost if its necessary to make a project financially feasible, rename the credit the Affordable Housing Tax Credit, and more. In addition to Senator Cantwell, Senators Orrin Hatch (R-UT), Ron Wyden (D-OR), Charles Schumer (D-NY), Cory Booker (D-NJ), Dean Heller (R-NV), Patrick Leahy (D-VT), Jeff Merkley (D-OR), Lisa Murkowski (R-AK), Brian Schatz (D-HI) and Todd Young (R-IN), will be among the original cosponsors. Similar legislation is expected to be introduced later in the House of Representatives. A section-by-section summary of the bill can be found here. A list of changes from the version of the bill introduced in the 114th Congress can be found here.

At the same conference, CARH Executive Director, Colleen Fisher, participated on an industry panel and discussed the importance of the housing credit and bond program enhancements and impact on rural housing, as well as the need for funding of programs to take us through the remainder of Fiscal Year (FY) 2017 and through FY 2018.