Bob Moss and David Gasson write that the LIHTC is a priority for both parties
The affordable housing industry is celebrating a significant victory in our never-ending pursuit of additional resources to address the nation’s growing affordable housing crisis. With the passage of the fiscal year 2018 omnibus budget, Congress has restored some of the resources to the low-income housing tax credit (LIHTC) that had been diminished with the passage of the Jobs and Tax Cuts Act of 2017 in December.
Inclusion of a 50% cap increase to the 9% LIHTC over four years (2018-2021) and the permanent initiation of the income-averaging provision will provide much-needed financial and housing resources to communities across the country. In addition, appropriators recognized the damage inflicted on the Department of Housing and Urban Development (HUD) budget, and thus those Americans that rely on HUD’s assistance, by repeatedly reducing resources to much-needed programs as recently noted in reports by both the Joint Center for Housing Studies at Harvard University and the National Low Income Housing Coalition. Acting on this information, as well as countless meetings with housing advocates, the appropriators increased the fiscal 2018 HUD budget by 10% over fiscal 2017 numbers. Credit for this abounds but special mention must go to Sen. Susan Collins (R-Maine), chair of the Appropriations THUD (Transportation, Housing and Urban Development and Related Agencies) subcommittee, for her steadfast support for affordable housing. More on the ongoing budget battle at a later date...........................Read More
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