Senator Maria Cantwell (D-WA) and Finance Committee Chairman Orrin Hatch (R-UT) have introduced the Affordable Housing Credit Improvement Act that would expand the Low-Income Housing Tax Credit program by 50 percent.
The comprehensive bill builds on Housing Credit legislation the two Senators introduced together in May. The new bill includes the three provisions also contained in the original bill – a 50 percent increase in Housing Credit authority, minimum 4 percent rates for both acquisition and bond-financed properties, and an income averaging option—plus a host of additional programmatic changes intended to help the program reach more people and places and streamline its administration.
"This is great news for the affordable housing community," said MassHousing Executive Director Emeritus Tom Gleason, who is also the current President of the National Council of State Housing Agencies. "Nothing is certain and there is a lot of work to be done before it gets enacted but now we have a vehicle that sets an agenda."