Congressmen Tiberi and Neal introduce companion bill to expand and improve LIHTC
This week, Representative Pat Tiberi (R-OH) and Ways and Means Committee Ranking Member Richard Neal (D-MA) introduced the “
Affordable Housing Credit Improvement Act” (
H.R. 1661). This bipartisan legislation aims to expand and strengthen the Low Income Housing Tax Credit (LIHTC) by giving states more flexibility, simplifying financing, and preserving existing affordable housing.
Specifically, the legislation increases the housing credit’s ability to serve extremely low-income tenants through the use of income averaging and makes permanent the 4% rate for bond-financed units. However, unlike the
Senate version recently introduced by Senators Cantwell (D-WA) and Hatch (R-UT), the House legislation excludes the 50 percent credit allocation increase, intended to be phased-in over five years.
“The Low-Income Housing Tax Credit is a vital and effective tool to address the affordable housing crisis in America,” said
Congressman Tiberi in a
press release. “Since 1987, Ohio has used the LIHTC Program to facilitate the development of over 100,000 affordable rental housing units. It is a great example of how the private sector can work with government to help families, individuals and seniors find a safe and decent place to live and call home.”
The sponsoring Congressmen were joined by 16 cosponsors from both Republicans and Democratic members, many of whom serve on the House Ways and Means Committee. The Senate legislation has gained 14 bipartisan cosponsors and currently awaits further action in the Senate Finance Committee. If both bills were to move through Congress, a reconciliation process would address their differences and put the reconciled measure to a vote before both chambers.
NAHMA supports this legislation and will continue to advocate for protecting, strengthening, and expanding the housing tax credit. In addition, a NAHMAnalysis of this and other recent tax credit-related legislation is forthcoming.
Senate holds nomination hearing for Sonny Perdue to serve as Agriculture Secretary
On Thursday, Senators on the Agriculture Committee questioned Sonny Perdue, the Trump Administration’s nominee for USDA Secretary, on his views regarding agriculture, conservation, and rural development. The former Georgia Governor vowed to advocate on behalf of rural America in response to pressure about the President’s Budget Blueprint, which proposes a 21% cut to the Agriculture Department.
Committee Chairman Pat Roberts (R-KS) said in his opening statement, “Now, more than ever, agriculture needs a voice—an advocate—at the highest levels of government.”
Ranking Member Debbie Stabenow (D-MI) called rural America “the economic backbone of our country,” and stressed the impact of the Trump Administration’s proposed 4.7 billion cut to the Agency. “Last week’s budget proposal made it clear that rural America is not a top priority for this administration,” she said.
In addition to farming policies, labor practices, and food safety issues, the nominee reaffirmed his commitment to the Rural Utilities Service and to the Summer Meals Program. “I hope in the context of a balanced or a budget that meets the objectives that we can get agricultural share there. These are important programs; I recognize that,” said Perdue, referring to rural development, agriculture research, and the Special Supplemental Nutrition Program for Women, Infants, and Children (WIC), all of which are funded under USDA’s discretionary spending.
The last of the President’s Cabinet nominees to receive a hearing, Perdue next faces a vote in Committee and then a full Senate confirmation vote. To view this week’s hearing, please click
here.
