In a tremendous show of support for the Low Income Housing Tax Credit program, the Affordable Housing Credit Improvement Act (AHCIA) was introduced on April 18 with 113 cosponsors joining the bill’s lead sponsors Representatives Darin LaHood (R-IL), Suzan DelBene (D-WA), Claudia Tenney (R-NY), Don Beyer (D-VA), Randy Feenstra (R-IA), and Jimmy Panetta (D-CA).

The bill, H.R. 2725, would increase Housing Credit authority for the 9% Housing Credit program by reinstating the 12.5% cap increase and further expanding authority by 50%; lower the bond financing threshold for 4% Housing Credit developments (aka the 50% test) to 25%; allow basis boosts for properties serving extremely low-income households, for developments in rural and Native American areas, and for 4% Housing Credit properties that need the basis boost for financial feasibility at the discretion of the state agency.

LeadingAge supports the bill and looks forward to the introduction of Senate companion legislation.