Arlene Conn, PHADA Policy Analyst
The Coronavirus Aid, Relief, and Economic Security (CARES) Act is a $2.3 trillion relief package to address the COVID-19 crisis. It provides $12.4 billion in new appropriations for HUD programs, including significant funding for public and assisted housing programs (see page 1) but was short on funding or provisions to assist renters and managers of Low Income Housing Tax Credit (LIHTC) units.
PHADA is advocating with the ACTION Campaign – a coalition of over 2,300 national, state, and local organizations and businesses working to address the nation’s severe shortage of affordable rental housing by protecting, expanding and strengthening LIHTC – to ensure that necessary funding and waivers are included in future stimulus packages. The ACTION Campaign, which is co-chaired by the National Council of State Housing Finance Agencies and Enterprise Community Partners, works very closely with the Affordable Housing Tax Credit Coalition, which is comprised of non-profit and for-profit members – including syndicators, investors, lenders, developers, legal and accounting professionals and state allocating agencies – which is also working on this LIHTC relief package.
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