Groups Urge Enactment of Housing Credit Bills
LeadingAge joined more than 2,600 other organization in a letter urging Congress to enact the bipartisan Affordable Housing Credit Improvement Act bills (HR 3238 and S. 1157) on May 31. The bills would increase state Low Income Housing Tax Credit allocations by 50%, allow basis boosts for properties serving extremely low-income households and in rural areas, and lower the so-called “50% test” required of Housing Credit properties to access 4% credits to 25%, among other improvements. Unfortunately, the bills do not address nonprofit right of first refusal issues or qualified contracts. LeadingAge continues to advocate to address these issues.