The House Committee on Ways and Means, which has jurisdiction over tax policy, passed improvements to the Low Income Housing Tax Credit program on January 19  by a 40–3 vote.

Along with 88 other groups, LeadingAge urged the Committee to support the Tax Relief for American Families and Workers Act of 2024. The bill would restore a 12.5% cut in Housing Credit authority for 2023–2025 and lower the tax-exempt bond financing requirement from 50-30% for projects financed with bonds that have an issue date before 2026. Together, the proposals would increase affordable housing production by more than 200,000 units. Nationally, about one-third of Housing Credit homes serve older adults.

An ultimate vehicle for the bill is unclear. Advocacy centered on including the bill in a final fiscal year 2024 appropriations package but now that additional continuing resolutions for FY24 have been enacted that expire after the start the tax filing season for 2023, other vehicles are being considered.