Senator Charles Schumer (D-NY) introduced S. 2233, the National Disaster Tax Relief Act on April 9. The bill, which has been referred to the Senate Committee on Finance, would provide additional Low Income Housing Tax Credits (LIHTC) for areas impacted by a federally declared disaster in 2012 or 2013, as well as communities impacted by Hurricane Irene and Tropical Storm Lee in 2011. Overall, communities in 22 states would benefit from the bill’s provisions. The measure would provide an LIHTC allocation for impacted states of the greater of $8 per individual in the disaster areas or 50% of the state’s LIHTC ceiling. Communities would also be eligible to apply for an extra New Markets Tax Credit allocation totaling $500 million.
Enterprise Community Partners is circulating a sign on letter thanking Senator Schumer for introducing this legislation. NLIHC has signed on to the letter and encourages other organizations to do the same. The letter is open for sign on until May 16.