U.S. Rep. Pat Tiberi (R-OH) released a statement on Monday reiterating his support for both the Low Income Housing Tax Credit (LIHTC) program, which provides aid to low-income families seeking safe and affordable homes, and the New Markets Tax Credit (NMTC) program, which incentivizes private investment and helps create jobs in distressed areas.
“I’ve long been interested in seeing communities turn the corner from down-and-out neighborhoods to areas thriving with redevelopment and opportunity,” Tiberi said. “The Low-Income Housing Tax Credit, which I’ve championed, helps support families who are looking for safe, quality and affordable places to live. That opportunity, combined with the New Markets Tax Credit (NMTC) program, which helps spur investment and create jobs in low-income or underserved areas, have the potential to lift distressed communities.”
Both programs are public-private partnerships that encourage capital investment by the private sector. For many reasons, private investors often shy away from projects in low-income neighborhoods. The LIHTC and NMTC provide valuable tax incentives that aim to attract investment capital to help bring these areas out of the vicious cycle of blight.
“I’ve seen firsthand how effective these programs are,” Tiberi said. “The credit floor for the LIHTC and the NMTC programs should be made permanent to encourage even more private investment in communities that need it. I look forward to working with other lawmakers to improve and expand these programs, examine new ways to help these communities and further incentivize private capital investment in these distressed neighborhoods that otherwise wouldn’t see it.”