Cantwell to Introduce Affordable Housing Credit Improvement Act of 2017
Sen Maria Cantwell, D-Wash., today announced at the National Council of State Housing Agencies Legislative Conference that she will join at least 10 other senators and introduce the Affordable Housing Credit Improvement Act of 2017 this week. The bill will include a provision to increase the annual allocation for low-income housing tax credits (LIHTCs) 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 for bond-financed developments if its necessary to make a project financially feasible, rename the credit the “Affordable Housing Tax Credit,” and more.. In addition to Cantwell, Sens. Orrin Hatch, R-Utah, Ron Wyden, D-Ore., Charles Schumer, D-N.Y., Cory Booker, D-N.J., Dean Heller, R-Nev., Patrick Leahy, D-Vt., Jeff Merkley, D-Ore., Lisa Murkowski, R-Alaska, Brian Schatz, D-Hawaii and Todd Young, R-Ind., are among the original cosponsors. Similar legislation is expected to be introduced later in the House of Representatives. You can see a section-by-section recap of the bill and a list of modifications from the versions of the bill introduced in the last session of Congress.