Sen. Schumer Proposes Doubling of LIHTC

Wednesday, December 8, 2004 - 1:45AM

In a keynote address to New York Housing Conference and National Housing Conference (NHC) Annual Awards Luncheon – his first public speech as new member of Senate Finance Committee –Sen. Charles E. Schumer yesterday proposed doubling the low-income housing tax credit (LIHTC), and saving 1 million existing units of affordable housing by fixing a federal tax Catch-22 that blocks aging buildings being sold to rehabilitation groups. Schumer's proposal would double the current LIHTC – from the fiscal year 2005 level of $1.85 per capita to $3.70 in FY 2006. Click here for a transcript of Schumer's address.

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