I am thrilled to report real progress in one of our top policy priorities- Low Income Housing Tax Credit (LIHTC) Income Averaging . Today, I stood with U.S. Senators Chuck Schumer and Maria Cantwell as they announced support for reforms to the LIHTC program that would both expand the credit and introduce Income Averaging.
- 50% increase to the annual allocation of LIHTC to build and preserve more affordable housing.
- Permit Income Averaging to create more income diversity in affordable housing
- 50% basis boost for properties targeting extremely low-income or homeless families
This legislation will have a tremendous impact for low-income families, especially those in New York and other high-cost markets struggling with housing affordability and homelessness. It is projected that these proposals would create or preserve approximately 400,000 additional affordable housing units over the next decade. 118,000 of these units will be in New York. That is 14,000 more units than would have been created under current law!