U.S. Senator Jeff Bingaman (D-NM) recently introduced new legislation aimed at stimulating new affordable housing development by adding incentives to the low-income housing tax credit (LIHTC) program. Bingham’s bill (S.3141), entitled the “Low Income Housing Tax Credit Recovery Act of 2010,” allows the credits for existing and future investments to be carried back up to five years. It is estimated that the bill would generate $10 billion in construction activity, over 80,000 homes and about 100,000 jobs in distressed rural and urban communities. Read More…