Action Needed Now to Preserve the Low Income Housing Tax Credit Program

The U.S. Senate Finance Committee has asked all senators to advise the Senate Finance Committee by July 26, 2013, about which tax credits and deductions currently in the tax code should be retained as the Congress undertakes a major rewrite of the tax code.

Senators Baucus and Hatch, the chair and ranking member respectively of the committee, outlined a "blank-slate" approach to tax reform that would eliminate all tax credits and other tax expenditures from the tax code, and  would add back only items supported by enough senators and those that will help grow the economy, make the tax code fairer or effectively promote other important policy objectives.
The Low Income Housing Tax Credit is one of those credits which could be eliminated without support from senators. LeadingAge is urging all members to contact their senators now in support of the Housing Tax Credit.

Created by Congress in the last major overhaul of the tax code in 1986, the Low Income Housing Tax Credit program (LIHTCP) is a public-private partnership that uses tax credits to encourage the development of and investment in multifamily affordable housing. Widely viewed as one of the most effective federal housing programs, it currently finances all affordable housing development. In New York State, the LIHTCP funds the majority of low-income senior housing. It is also used in conjunction with the Section 202 program in both preservation and development of senior housing.

It is critical that LeadingAge New York members ask their senators to support the Low Income Housing Tax Credit in the rewrite of the tax code.

Please click here to contact Senators Schumer and Gillibrand to urge them to preserve the Low Income Housing Tax Credit program.

Contact: Ken Harris, kharris@leadingageny.org, 518-867-8835