Strong Bipartisan Support for LIHTC Fixed Rate Bill

Published by Peter Lawrence on Saturday, May 24, 2014 - 12:00am

Yesterday Reps. Pat Tiberi, R-Ohio, and Richard Neal, D-Mass., introduced H.R. 4717, a bill that would create a permanent floor for the low-income housing tax credit (LIHTC).The bill would establish a minimum 9 percent LIHTC rate for new rental construction property or substantial rehabilitation and a minimum 4 percent LIHTC rate for acquiring existing property (not financed by tax-exempt bonds). The bill would only affect the amount of LIHTCs that a housing finance agency may award a particular development and wouldn’t affect the overall amount of state credit allocations.

The bipartisan nature of the bill’s 26 cosponsors is an encouraging sign that lawmakers recognize the important role that the LIHTC plays in providing affordable rental housing.

The current 26 cosponsors for H.R. 4717 are:

Republicans

  • Pat Tiberi, R-Ohio*
  • Devin Nunes, R-Calif.*
  • David Reichert, R-Wash.*
  • Charles Boustany, R-La.*
  • Jim Gerlach, R-Pa.*
  • Aaron Schock, R-Ill.*
  • Lynn Jenkins, R-Kan.*
  • Erik Paulsen, R-Minn.*
  • Kenny Marchant, R-Texas*
  • Tom Reed, R-N.Y.*
  • Todd Young, R-Ind.*
  • Mike Kelly, R-Pa.*
  • Tim Griffin, R-Ark.*
  • James Renacci, R-Ohio*
  • Bob Gibbs, R-Ohio

Democrats

  • Richard Neal, D-Mass. *
  • Charles Rangel, D-N.Y. *
  • Jim McDermott, D-Wash. *
  • Mike Thompson, D-Calif.*
  • John Larson, D-Conn.*
  • Earl Blumenauer, D-Ore.*
  • Ron Kind, D-Wis.*
  • Bill Pascrell, D-N.J.*
  • Joseph Crowley, D-N.Y.*
  • Danny Davis, D-Ill.*
  • Zoe Lofgren, D-Calif.

*Ways and Means Committee member

The Ways and Means Committee is scheduled to consider several bills permanently extending expired tax provision next week, but the LIHTC fixed rate bill is not expected to be included. However, it may be added to the committee agenda in the coming weeks, and adding more cosponsors will increase its chances of being considered.