Senate Bill Would Bring Financial Relief to Developers Impacted by COVID-19 Pandemic
Bipartisan legislation introduced Wednesday in the U.S. Senate would allow governments to use Coronavirus State and Local Fiscal Recovery Funds (SLFRF) to make long-term loans to low-income housing tax credit (LIHTC) developments. The LIHTC Financing Enabling Long-Term Investment in Neighborhood Excellence (LIFELINE) Act would allow states and local governments to use SLFRF funds to make long-term loans to LIHTC developments. The bill seeks to ease financing gaps due to rising construction costs, price increases, supply chain issues, workforce difficulties and more related to the COVID-19 pandemic. Sens. Patrick Leahy, D-Vermont, and Susan Collins, R-Maine, introduced the legislation. A companion bill, H.R. 7078, was introduced in the House in March.
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