NLIHC submitted a letter on September 23 to the chairs and ranking members of the U.S. Senate’s Committee on Finance and the U.S. House of Representatives’ Committee on Ways and Means, as well as the House Republicans’ Tax Team on Community Development. The letter outlines priorities for tax reforms in 2025 that would help renters with the greatest needs.
In the letter, NLIHC urges Congress to prioritize affordable housing solutions for those most harmed by our nation’s housing crisis by implementing the NLIHC-led national HoUSed campaign’s top tax priorities:
- Pairing any expansion of the Low-Income Housing Tax Credit (LIHTC) with reforms to better serve extremely low-income and other marginalized households, including those experiencing or at risk of homelessness and rural and Tribal communities.
- Creating a new, innovative, fully-refundable Renters Tax Credit – starting with a pilot demonstration – to help ease rental costs for millions of renters.
In 2025, Congress will work to bring about significant tax reforms, presenting a meaningful opportunity to directly address the housing crisis by expanding the supply of affordable rental homes and increasing housing affordability for those with the greatest, clearest needs: people with extremely low incomes who face the highest risk of housing instability and homelessness.
NLIHC is collaborating with members of Congress and their staffs, the Biden administration, and our housing advocacy partners to foreground these priorities and explain their importance and impact. More information about these policies will be released in the coming months.
Read the letter at: https://bit.ly/3Y1YIIU