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Tiberi, Neal Introduce Affordable Housing Credit Improvement Act in House
Reps. Pat Tiberi, R-Ohio, and Richard Neal, D-Mass., today introduced the Affordable Housing Credit Improvement Act of 2017 and released a section-by-section summary. The bill would establish a minimum 4 percent rate for low-income housing tax credits (LIHTCs) used to finance acquisitions and in housing bond-financed developments, allow income averaging at LIHTC properties and provide flexibility for state allocating agencies to increase the basis of certain properties that serve extremely low-income households. Unlike its companion bill (S. 548) the House version does not propose a 50 percent allocation increase. Also, the energy provision in the House bill regarding not reducing LIHTC basis only includes Section 48 investment tax credits (ITCs) and not the Section 45L credit or Section 179D deduction.