Biden Housing Plan Includes Increase in LIHTC Allocation; Permanency for NMTC
Former vice president and Democratic presidential candidate Joe Biden today released a housing plan that includes expanding the low-income housing tax credit authority by $10 billion and permanently extending and expanding (to $5 billion annual allocation) the new markets tax credit. Biden’s plan also calls to fully fund the U.S. Department of Housing and Urban Development’s (HUD’s) Section 8 program and to establish a $100 billion affordable housing fund to build and upgrade affordable housing. Biden’s also pledges to increase funding for HUD’s Community Development Block Grant and HOME programs, the National Housing Trust Fund and the Capital Magnet Fund. Biden proposes to create a new renter’s credit for families who earn too much to qualify for Section 8.