Cantwell, Hatch Introduce LIHTC Improvement Bill

Thursday, May 19, 2016 - 3:15pm

Sens. Maria Cantwell, D-Wash., and Orrin Hatch, R-Utah, today introduced the Affordable Housing Credit Improvement Act of 2016. The bill includes a phased-in 50 percent expansion in federal low-income housing tax credits (LIHTCs) through 2020 and would be one of the most significant changes to the LIHTC program since its inception three decades ago. In addition, it includes income-averaging for affordable housing developments, a minimum 4 percent rate for acquisition and bond-financed developments and changing the name from LIHTC to the Affordable Housing Tax Credit. The bill does not include the provision to provide a 50 percent basis boost for units serving extremely low-income households that Cantwell proposed when she announced her plans for the legislation March 24 in Seattle, but she is expected to introduce another bill including that proposal and others at a later date.