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The A Call To Invest In Our Neighborhoods (ACTION) campaign recently released updated fact sheets on the impact of the LIHTC program in each state through 2015, the latest data available. The ACTION Campaign is a coalition of over 2,000 national, state, and local organizations and businesses working to address our nation’s severe shortage of affordable rental housing by protecting, expanding, and strengthening the LIHTC.
The Trump administration and GOP congressional leaders recently proposed the “Unified Tax Reform Framework,” their plan for the most sweeping overhaul of the federal tax code in more than three decades. The proposal calls for reducing the corporate tax rate to 20 percent from 35 percent, a shift that’s intended to make American companies more competitive with their counterparts around the world. It should be noted that under a lowered corporate rate, t...
HUD recently released its biannual Worst Case Housing Needs Report to Congress. It finds that the number of very poor unsubsidized families struggling to pay their monthly rent and who may also be living in substandard housing increased between 2013 and 2015. HUD reports that in 2015, 8.3 million very low-income unassisted families paid more than half their monthly income for rent, lived in severely substandard housing, or both.
The Senate Finance Committee recently held a hearing on “America’s Affordable Housing Crisis: Challenges and Solutions.” The hearing demonstrated bipartisan support for affordable housing. It emphasized the importance of the LIHTC as an affordable rental housing tool, and S. 548, the legislation sponsored by Senator Maria Cantwell (D-WA) and Senator Hatch (R-UT) to expand and improve the LIHTC to help address affordable housing needs.
The United States District Court for the District of Columbia recently issued an opinion finding that the National Fair Housing Alliance (NFHA) has standing to bring a discrimination claim against Travelers Indemnity Corporation and Travelers Casualty Insurance Company of America (Travelers). In a 25-page opinion, U.S. District Judge John Bates denied Travelers’ motion to dismiss NFHA’s claims under the Fair Housing Act and the D.C. Human Rights Act.
In an op-ed recently published by The Philadelphia Inquirer, Phyllis Chamberlain, the executive director of the Housing Alliance of Pennsylvania, wrote about the impact of the LIHTC program nationally and in Pennsylvania. According to Chamberlain, each year, the Pennsylvania Housing Finance Agency (PHFA) distributes nearly $30 million in LIHTCs. As a result, the tax credits have consistently led to almost $300 million of new investment in housing, enabling deve...
On July 18, the Senate Finance Committee held a hearing to consider the nomination of David J. Kautter as Assistant Secretary for Tax Policy of the Treasury Department. Senator Maria Cantwell (D-WA), who introduced The Affordable Housing Credit Improvement Act to expand and strengthen the LIHTC, pressed the nominee for a commitment to the program. Senator Cantwell noted a growing national affordable housing crisis.
According to a Pew Research Center analysis of Census Bureau housing data, more households are headed by renters than at any point since at least 1965. The total number of households in the United States grew by 7.6 million between 2006 and 2016. But over the same period, the number of households headed by owners remained relatively flat, in part because of the lingering effects of the housing crisis.
The Chief Prosecutor of the Attorney General’s office in Guam recently filed charges of official misconduct and conspiracy against former board members and the current executive director of Guam Housing and Urban Renewal Authority (GHURA). The charges stem from federal investigations into GHURA’s awarding of Low Income Housing Tax Credits. Guam is an unincorporated and organized territory of the United States, and Guamanians are American citizens by birth.
The National Association of Home Builders (NAHB) recently introduced new maps for industry professionals interested in providing homes for lower-income families and learning more about development and financing opportunities using the LIHTC.
NAHB’s Economics and Housing Policy group made eight maps of metro areas pinpointing where the LIHTC program is used the most. The association used data from HUD along with housing data from the U.S. Census. The new NAHB...
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