On Tuesday, Nov. 25, NAHRO is asking members to pitch their Low Income Housing Tax Credit (LIHTC) success stories to local media outlets as a part of our national push to educate members of Congress about why LIHTCs are beneficial and important to their home districts.
The fixed rate 4 percent and 9 percent rates expired at the end of the 2013 calendar year and have not been renewed. There are two legislative options to fix this problem: temporarily extending the credits or permanently authorizing them. NAHRO supports a temporary extension to allow communities to access these critical credits as quickly as possible, but hopes that Congress will approve the permanent authorization to avoid another lapse if a temporary fix is allowed to expire again.
The ACTION Campaign (of which NAHRO is an active Steering Committee member) is calling on Congress to extend the minimum 9 percent Low-Income Housing Tax Credit (LIHTC) rate for new construction and substantial rehabilitation and establish a minimum 4 percent rate for the acquisition of affordable housing before it adjourns for the year. The deadline for signing on to the letter has been extended to Friday, November 7.
When Congress returns next week, it will consider extensions of dozens of expired tax provisions, including minimum Housing Credit rates. While NAHRO and the ACTION Campaign believe the minimum 9 and 4 percent LIHTC rates should be made permanent, a temporary extension of these provisions for at least two years will still significantly strengthen the LIHTC at virtually no additional cost to taxpayers. The sign-on letter urges Congress to make these critical changes as soon as possible.
A full list of ACTION Campaign members will be included in the final letter to Congress. NAHRO encourages members to share the letter with housing authorities and redevelopment agencies in your area to help show broad support nationwide for minimum Housing Credit rates.
We also encourage NAHRO members who are active on social media to tweet on Twitter or post on Facebook to share when your organization has signed on to the letter and reshare the sign-on letter link. Use the hashtag #TaxCreditTuesday in your posts and tweets.
NAHRO Wants Your LIHTC Success Stories
NAHRO has been sharing its members LIHTC success stories both online, at the NAHRO on the Hill blog, and in print via theJournal of Housing and Community Development. If your organization has a successful LIHTC project, please let us know by contacting Emily Pasi at firstname.lastname@example.org.