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ACTION Campaign Call

March 31 @ 2:00 pm - 3:00 pm

Join us for a call this Friday, March 31, at 2 p.m. EDT, to discuss new Housing Credit legislation and the latest developments on tax reform.

Call-in information:

Friday, March 31 @ 2:00 p.m. EDT

(866) 469-3239

Participant code: 677-49-533#

Affordable Housing Credit Improvement Act Introduced in Senate and House

On March 7, Senator Maria Cantwell (D-WA) and Senate Finance Committee Chairman Orrin Hatch (R-UT) introduced the Affordable Housing Credit Improvement Act of 2017 (S. 548), a comprehensive bill to expand and strengthen the Housing Credit.

  1. 548 would increase Housing Credit authority by 50 percent, taking a meaningful step towards addressing our nation’s vast and growing affordable housing needs. The Bipartisan Policy Center recently reaffirmed its endorsement of a 50 percent expansion, calling the Housing Credit “the nation’s most successful rental production program, with a 30-year track record.” The legislation would also enact roughly two dozen provisions to strengthen the Housing Credit, similar to the comprehensive version of the Affordable Housing Credit Improvement Act (S. 3237) introduced by Senators Cantwell and Hatch in 2016, with minor modifications. The legislation currently has 15 bipartisan co-sponsors.

On March 27, Representative Pat Tiberi (R-OH-12) and Ways and Means Committee Ranking Member Richard Neal (D-MA-1) introduced companion legislation, H.R. 1661. The legislation currently has 22 bipartisan co-sponsors. The primary difference between the House and Senate bills is that the House bill does not include the 50 percent phased-in Housing Credit cap increase that is part of the Senate bill. However, it takes significant steps to strengthen the Housing Credit, and ACTION fully endorses this critical legislation. ACTION will also continue to encourage the inclusion of a cap increase in any final tax legislation that advances through Congress.

The ACTION Campaign thanks Senators Cantwell and Hatch, Representatives Tiberi and Neal, and the other original co-sponsors of both S. 548 and H.R. 1661 for their leadership and support of the Housing Credit. With tax reform likely to move forward in 2017, these strong bipartisan expressions of support for the Housing Credit are extremely significant. More than 2,000 organizations and businesses signed a letter in support of S. 548, and we will soon be circulating another sign-on letter in support of H.R. 1661.

We encourage all ACTION Campaign members to reach out to your members of Congress to support these bills if they have not already. Visit the ACTION Campaign’s Advocacy Toolkit for bill summaries, bill text, “Dear Colleague” letters, sample letters to members of Congress requesting co-sponsorship, and more.

Details

Date:
March 31
Time:
2:00 pm - 3:00 pm
Event Tags:
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Organizer

ACTION Campaign

Venue

Conference Call