The Low Income Housing Tax Credit is the single largest source of capital for the development of supportive housing nationally. CSH is a member of the A.C.T.I.O.N. Campaign and has been working with our partners to ensure this credit is protected and to improve it whenever possible.
In addition to protecting the Housing Credit during tax reform and deficit reduction conversations, the Campaign is also working to ensure the Credit is fully utilized and that the marketplace operates in a stable environment. In December, Senators Maria Cantwell (D-WA) and Olympia Snowe (R-ME) along with Congressmen Pat Tiberi (R-OH) and Richard Neal (D-MA) introduced legislation (S. 1989 in the Senate, and H.R. 3661 in the House) to set a minimum credit rate of 9 percent for new construction and substantial rehabilitation projects, and 4 percent for acquisition projects. This legislation will help secure the private investment equity needed to make supportive housing and other affordable rental housing developments financially feasible. We need your help to ensure this legislation is passed.
Call your Senators and Congressmen, particularly if they are members of the Senate Finance Committee or the House Ways & Means Committee and urge them to cosponsor S. 1989 or H.R. 3661. More information on this legislation is available here.