Cantwell to Urge LIHTC Expansion, Release Affordable Housing Report
SEATTLE – Sen. Maria Cantwell, D-Wash., today will announce proposals to expand the annual low-income housing tax credit (LIHTC) allocation by 50 percent, to promote broader income mixing in LIHTC developments and to allow states more flexibility in financing properties targeting homeless or extremely low-income individuals and families. Cantwell expects the proposals to create or preserve an additional 400,000 affordable rental homes over the next 10 years, and is working with her Senate colleagues to introduce the proposals as legislation soon. Announcement of the initiatives will be made at a Seattle event at Patrick Place Apartments, a supportive housing development for the homeless, and marks the beginning of Cantwell’s national campaign to increase federal resources for affordable housing. Cantwell will also release today the ACTION Campaign’s letter signed by more than 1,300 national, state and local organizations urging Congress to approve a 50 percent LIHTC allocation increase, as well as a report called, “The Housing Tax Credit: Addressing the Challenges of Housing and Homelessness.” The report focuses on both Washington state and the nation. It highlights some of the LIHTC program’s accomplishments, such as creating nearly 2.9 million affordable rental homes.