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Clinton, Hastert Announce Bipartisan Bill that Includes 40 Percent Increase to LIHTC Cap

Wednesday, May 24, 2000 - 1:45AM

President Clinton and House Speaker Dennis Hastert (R-Ill.) announced a bipartisan community revitalization bill that includes a 40 percent increase to the low-income housing tax credit (LIHC) cap on May 23. Under the New Markets & Renewal Communities Initiative, the LIHC cap would be increased from the current $1.25 per capita to $1.75 per capita, with an index to inflation thereafter. This increase is expected to help create approximately 180,000 affordable housing units over the next five years. The initiative is expected to cost approximately $20 billion over the next 10 years.

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