Sen. Kamala Harris, D-Calif., introduced legislation to create a refundable tax credit for renters who pay more than 30 percent of their annual gross income on rent and utilities. The Rent Relief Act, which is cosponsored by Sens. Dianne Feinstein, D-Calif., Richard Blumenthal, D-Conn., and Maggie Hassan, D-N.H., was introduced in the House last summer, where it has six co-sponsors.
The Community Development Financial Institutions (CDFI) Fund today opened fiscal year 2018 funding round for the Capital Magnet Fund. The CDFI Fund will award approximately $142.9 million to CDFIs and qualified nonprofit housing organizations this year to finance affordable housing activities, related economic development activities and community service facilities, with the goal of attracting private capital to economically distressed communities.
Nine U.S. Senators today introduced legislation to create a bipartisan task force on affordable housing. Sens. Todd Young, R-Ind.; Maria Cantwell, D-Wash; Angus King, I-Maine; Dean Heller, R-Nev.; Tim Kaine, D-Va.; Doug Jones, D-Ala.; Cory Gardner, R-Colo.; Marco Rubio, R-Fla.; and Chris Coons, D-Del.; introduced the Task Force on the Affordable Housing Crisis Act.
The low-income housing tax credit (LIHTC) is America’s most prolific source of funding for new affordable rental housing, but faces significant legislative and economic challenges, according to a report by Urban Institute released this week.
The California Tax Credit Allocation Committee (CTCAC) announced Tuesday that it created tutorial videos to assist low-income housing tax credit property owners in preparing their placed-in-service documentation. The videos are available on CTCAC’s website.
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