National Action Alert: Urge Senators to Enact LIHTC Improvements

The U.S. House of Representatives-passed Tax Relief for American Families and Workers Act contains two important improvements to the Low-Income Housing Tax Credit (LIHTC). Please urge your Senators to support Senate passage of these provisions, which together would result in more than 200,000 new and preserved homes in the U.S. over the next two years.

The provisions would:

• restore a 12.5 percent increase to 9 percent LIHTCs for 2023 through 2025.
• decrease the Private Activity Bond (PAB) financing threshold for 4 percent LIHTCs from 50 percent to 30 percent for 2024 and 2025.

The PAB provision would be particularly helpful for the 19 states plus Washington, D.C. where there is more demand for PABs for rental housing than is allocated by the state. States have caps on the amounts of PABs that can be used for multifamily housing, and once these PABs are used, there are none left during the remainder of the year for other developments. When LIHTCs use more PABs than they actually need, it leaves less available for the projects that truly need them.

Take action by sending this letter today!

Contact: Annalyse Komoroske Denio, akomoroskedenio@leadingageny.org, 518-867-8866