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New LIHTC Expansion and Improvement Bill Introduced

Thursday, July 14, 2016 - 3:00PM

Sen. Maria Cantwell, D-Wash., Sen. Orrin Hatch, R-Utah., and Sen. Ron Wyden, D-Ore., today introduced the Affordable Housing Credit Improvement Act of 2016, a separate, more comprehensive version of S.2962, legislation that shares its name and was introduced in May. Both bills include a 50 percent expansion of the low-income housing tax credit (LIHTC), an income-averaging election and a permanent minimum 4 percent rate. The new legislation includes 17 additional improvements that provide more resources to affordable housing development, increase financial feasibility of developments or to streamline and simplify the LIHTC. It includes a provision to change the name of the LIHTC to the Affordable Housing Tax Credit.

For more details, see the Notes from Novogradac blog and tune in to the July 19 Tax Credit Tuesday podcast. Novogradac & Company has also posted a redline version of how Section 42 would be amended under the bill.

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