Last week, the House Ways and Means Committee approved the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024) with a 40 – 3 vote. The bill includes our top two legislative priorities and would:
- Restore the 12.5 percent allocation increase for nine percent LIHTCs for 2023 to 2025; and
- Lower the 50 percent bond financing test to 30 percent for 2024 to 2025.
The Affordable Housing Credit Improvement Act (AHCIA) lead sponsor Rep. LaHood (R-IL) highlighted the Housing Credit provisions in the bill and submitted to the record the industry letter signed by 88 national and state associations, including NH&RA. The other AHCIA lead sponsors Reps. DelBene (D-WA), Wenstrup (R-OH), Tenney (R-NY), Beyer (D-VA) and Panetta (D-CA) also made positive comments about the AHCIA provisions.
The legislation received criticism from Rep. Davis (D-IL) that the provisions did not go far enough, criticizing the fact that the basis boost for extremely low-income households was not included. Though many Democrats used the opportunity to discuss how the bill should do more on the Child Tax Credit, and filed amendments to that effect, which did not pass, nearly all still voted to advance the bill out of committee.
The House is now in recess and there is the possibility of a vote under suspension of the rules (which requires a two-thirds majority) when they return the last week in January. Please continue thanking your members of Congress that have co-sponsored the Affordable Housing Credit Improvement Act (H.R. 3238/S.1557) for getting our provisions included in the tax package and urge them to vote yes on the bill.
