A coalition of twelve housing organizations has signed onto a letter sent by the National Council of State Housing Agencies (NCSHA) to Senate Majority Leader Harry Reid (D-NV) urging Congress to restore the Section 1602 LIHTC cash grant exchange program, which was excluded from the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, signed into law earlier this month. The letter is excerpted below:
“There is no additional cost to the taxpayer to implement a 1602 exchange for 2010 LIHTC allocations. According to the Joint Committee on Taxation’s December 3rd revenue estimate for H.R. 4853, the exchange for 2010 credits would raise $38 million for taxpayers over 10 years. Without the exchange program in place, we anticipate that a number of deals will collapse, costing jobs and additional tax revenue.”
