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DASH Act Introduced in Senate Would Expand LIHTC, Create MIHTC, NHTC, Renter Tax Credit
The Decent, Affordable, Safe Housing for All (DASH) Act was introduced today by Senate Finance Committee Chair Sen. Ron Wyden, D-Oregon. Among the bill’s provisions are lowering the private activity bond financing threshold from 50% to 25%, an expansion of the 9% low-income housing tax credit (LIHTC), basis boost provisions targeting extremely low-income households, rural and Native American communities and the creation of 5% and 2% middle-incoming housing tax credits (MIHTCs). The DASH Act also proposes a first-time homebuyer refundable credit and a renter’s tax credit for affordable housing operators who provide homes to tenants, as well as a new Neighborhood Homes Tax Credit (NHTC) to build or rehabilitate owner-occupied homes in distressed areas. The legislation contains a number of additional proposals, but the primary LIHTC unit-financing, MIHTC and NHTC provisions could finance the creation and rehabilitation of nearly two million affordable homes, according to Novogradac’s analysis of the DASH Act.
Housing legislation, including LIHTC and MIHTC proposals, will be discussed in depth at the 2021 Novogradac Affordable Housing Tax Credit and Bond Conference next week from Sept. 30-Oct. 1 at the Hutton Hotel in Nashville, Tennessee