On October 9, PHADA wrote to the Community Development Tax Team to support strengthening and expanding the Low-Income Housing Tax Credit (LIHTC) program in any future tax legislation. A copy of the letter—which highlights the importance of LIHTC in delivering affordable housing and to the success of the Housing Choice Voucher program—is available here.
With most provisions of 2017’s Tax Cuts and Jobs Act expiring next year, both Congressional chambers are gearing up for a significant debate on tax law in 2025. In preparation for that debate, Republicans in the House Ways and Means Committee have formed 10 “Tax Teams” and are soliciting comments about what provisions should be included in a tax bill.
PHADA’s letter encourages Congress to expand and improve the LIHTC program modeled on the Affordable Housing Credit Improvement Act of 2023 (AHCIA), which the Association endorsed (H.R. 2238 and S. 1557). These include expanding the number of tax credits available, lowering the bond financing threshold for non-competitive tax credits, and enacting policy changes to make tax credit deals more viable in rural and high-poverty communities. As of press time, the AHCIA has received 270 co-sponsors in the House and 34 in the Senate.
PHADA will continue to keep members updated regarding LIHTC and tax legislation through the Advocate, Breaking News, and social media.