Bill in House of Representatives Would Ease Financial Burdens on Developers Impacted by Pandemic
A bill introduced this week in the House of Representatives would allow COVID-19 recovery funds to help finance low-income housing tax credit (LIHTC) developments. The LIHTC Financing Enabling Long-term Investment in Neighborhood Excellence (LIFELINE) Act (H.R. 7078) would give states and local governments approval to use Coronavirus State and Local Fiscal Recovery Fund (SLFRF) funds to make long-term loans to LIHTC developments. The aim of the legislation is to ease gaps in financing for due to rising construction costs, price increases, supply chain issues and workforce difficulties related to the COVID-19 pandemic. Reps. Alma Adams, D-North Carolina, and David Rouzer, R-North Carolina, were joined by Rep. Carolyn Maloney, D-New York, as a cosponsor. Vermont Sen. Patrick Leahy is expected to introduce a companion bill in his chamber of Congress.
Learn more about the intricacies of affordable housing finance at the Novogradac 2022 Affordable Housing Conference April 28-29 in San Francisco.