During her testimony before the House Ways and Means Committee Treasury Secretary Janet Yellen said, “President Biden and I are taking additional actions to bring down the cost of key household expenses like energy, prescription drugs and housing.”  She also: 

  • Highlighted the LIHTC expansion provisions included in the President’s FY 2025 proposed budget; and  
  • Described the ongoing negotiations for U.S. tax credits, including LIHTC, to receive favorable treatment under Pillar II of the Organization for Economic Cooperation and Development (OCED) Global Anti-Base Erosion Model Rules.  

Rep. Gwen Moore (D-WI) questioned Secretary Yellen on why the Treasury has yet to issue guidance implementing the Violence Against Women Act (VAWA) in the LIHTC program. Secretary Yellen said, “The reauthorization explicitly extended VAWA’s protections to applicants and tenants in LIHTC properties.” Rep. Jimmy Panetta (D-CA) highlighted the challenges of housing affordability for those earning too much to qualify for LIHTC.