Senate Finance Committee Ranking Member Ron Wyden (D-OR) recently released an outline of affordable housing priorities he will pursue in the next Coronavirus response bill. The six priorities are focused on preserving and expanding affordable housing and, in particular, on supporting LIHTC properties.
Notably, Ranking Member Wyden’s priorities to expand incentives for new production include enacting a minimum four percent LIHTC rate, lowering the 50 percent test and enacting basis boosts for bond-financed projects and developments in rural and Native American areas.
He also calls for closing the qualified contract loophole and providing emergency assistance to LIHTC properties with a ten percent drop in rent payments below their 2019 monthly average.
