“We applaud Senator Wyden for the introduction of MIHTC legislation today that
will help ensure affordable housing for the nation’s working families. It is
our belief that the proposal would work in tandem with the current Low-Income
Housing Tax Credit program, as well as the Affordable Housing Credit
Improvement Act of 2016 that Wyden and Senators Maria Cantwell (R-WA) and Orrin
Hatch (R-UT) introduced earlier this year. Both pieces of legislation are vital
due to the significant housing affordability challenges facing many Americans
today who are seeking to rent an apartment home.
“The number of families renting their homes currently stands at an all-time
high, which places significant pressure on the apartment industry to meet
demand. This makes it challenging for millions of families nationwide to find
quality rental housing that is affordable and also impacts their ability to pay
for basic necessities and their future financial success.
“Importantly, in order to further serve the housing needs of these families we
believe that the Community Reinvestment Act (CRA) should be coordinated with
the MIHTC so that investments using the proposed tax credit would qualify for
CRA credit - a critical change that would enable the new credit to reach its
full potential in all housing markets.
“We look forward to working closely with Senator Wyden and other key
congressional leaders to help ensure the future success of this important
legislation.”
Related links:
One-page
summary of bill
Longer
section-by-section summary
Full-text
of bill
U.S.
Senate Committee on Finance Media Release
