Representative Linda Sanchez (D-Calif.) has introduced legislation (HR 4687) to extend the 1602 exchange program to 4 percent credits. Representative Sanchez noted in a floor statement that “I am introducing this bill because our country cannot afford to let this valuable 4 percent tax credit program fall into disuse due to the economy’s downturn at a time when our country is in desperate need of more jobs and more affordable places for low-income families to live. Providing a safe and stable home gives families the critical foundation to find employment, get an education, and play an active role in their communities. Passage of this bill will allow cost effective investments leading to both more jobs and more housing for low-income working Americans and benefit our communities for years to come.” The legislation has been referred to the House Ways & Means Committee and the House Financial Services Committee.

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