Eleven U.S. senators joined Senators Maria Cantwell (D-WA) and Orrin Hatch (R-UT) to introduce the “Affordable Housing Credit Improvement Act of 2017” (S. 548). Original cosponsors include Senators Ron Wyden (D-OR), Charles Schumer (D-NY), Cory Booker (D-NJ), Dean Heller (R-NV), Patrick Leahy (D-VT), Jeff Merkley (D-OR), Lisa Murkowski (R-AK), Brian Schatz (D-HI), Susan Collins (R-ME), Michael Bennet (D-CO), and Todd Young (R-IN).
If enacted, this legislation would make an important contribution toward alleviating the growing housing affordability crisis across the nation by expanding and improving the Low Income Housing Tax Credit (Housing Credit). The bill would expand the Housing Credit by 50% and provide new incentives that would allow affordable housing developers to better serve the lowest income families with the greatest and clearest needs, including those who are homeless. The bill would also prohibit states from requiring local approvals for Housing Credit projects, reducing the not-in-my-backyard discrimination that has resulted in too many segregated communities over the years.
NLIHC supports the Affordable Housing Credit Improvement Act of 2017 and urges all Senators to join as cosponsors.
NLIHC’s statement on the reintroduction of the Affordable Housing Credit Improvement Act of 2017 is at: http://nlihc.org/press/releases/7587
NLIHC’s factsheet on S.548 is at: http://nlihc.org/sites/default/files/Cantwell-Hatch_Tax-Reform.pdf