UPDATE: Senators Maria Cantwell (D-WA) and Pat Roberts (R-KS) introduced companion legislation (S 1193) on May 5, 2015 to the U.S. Senate.

U.S. Representatives Pat Tiberi (R-OH) and Richard Neal (D-MA) introduced on February 26, 2015 legislation to make permanent the temporary minimum credit rate for the low-income housing tax credit program (LIHTC).

The bill proposes to set the minimum LITHC rate for new construction at 9% and set it at 4% for existing properties. These rates would apply to buildings placed in served after December 31, 2014.

Co-sponsors for the bill include:

  • Blumenauer, Earl (D-OR)
  • Boustany, Charles (R-LA)
  • Davis, Danny (D-IL)
  • Kind, Ron (D-WI)
  • Larson, John (D-CT)
  • McDermott, Jim (D-WA)
  • Nunes, Devin (R-CA)
  • Pascrell, Bill (D-NJ)
  • Paulsen, Erik (R-MN)
  • Rangel, Charles “Charlie” (D-NY)
  • Reed, Tom (R-NY)
  • Reichert, David (R-WA)
  • Renacci, James (R-OH)
  • Schock, Aaron (R-IL)
  • Thompson, Mike (D-CA)
  • Young, Todd (R-IN)