Last week, the Affordable Housing Credit Improvement Act was reintroduced in both the House and Senate as H.R. 3238 and S. 1557. The bill includes top industry priorities like reducing the 50 percent test and restoring the expired 12.5 percent increase for nine percent credits. It also would enable the LIHTC to better serve hard-to-reach communities, including rural, Native American, high-poverty, and high-cost communities, as well as extremely low-income and formerly homeless tenants.
Senators Maria Cantwell (D-WA), Todd Young (R-IN), Ron Wyden (D-OR) and Marsha Blackburn (R-TN) introduced the legislation. In the House, Representatives Darin LaHood (R-IL), Suzan DelBene (D-WA), Brad Wenstrup (R-OH), Don Beyer (D-VA), Claudia Tenney (R-NY) and Jimmy Panetta (D-CA) introduced the legislation along with 59 of their colleagues.