Rep. Stephanie Tubbs Jones Introduced the Katrina Assistance Tax Relief Incentives for Necessities Act of 2005
Rep. Stephanie Tubbs Jones, D-Ohio, last week introduced the Katrina Assistance Tax Relief Incentives for Necessities Act of 2005 to make several changes to the low-income housing tax credit (LIHTC) to make more affordable housing units available in areas devastated by Hurricane Katrina. A press release from Jones’ office says that H.R. 3769 has the support of the Affordable Housing Tax Credit Coalition (AHTCC) and the National Council of State Housing Agencies (NCSHA). H.R. 3769 would double, to $3.70 per capita, the LIHTC authority for Louisiana, Mississippi and Alabama for 2006 and 2007. The measure would also extend Difficult Development Area (DDA) designation to federal disaster areas in Louisiana, Mississippi, Alabama and Florida through 2007. In addition, the bill would waive the national pool full subscription requirement for the four states through 2007, which would allow those states to utilize the excess LIHTCs that other states have not allocated thereby meeting the anticipated high demand for affordable housing during their post-Katrina reconstruction efforts.