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.

The Senators issued a report today, “Addressing the Challenges of Affordable Housing and Homelessness: The Housing Tax Credit,” outlining the need for new resources for affordable housing.  New federal legislation to expand the Low Income Housing Tax Credit program will include the following 3 proposals:
 
  • 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!

NYHC is grateful to Senators Schumer and Cantwell for standing with us to advocate for federal resources for affordable housing.  Let’s get this bill passed!

 

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