Bipartisan legislation introduced by U.S. Rep. Pat Tiberi (R-OH) on Tuesday would enhance the Low-Income Housing Tax Credit (LIHTC) by giving states more flexibility and streamlining financing for affordable housing.
The Affordable Housing Credit Improvement Act would also foster the development of housing credits in challenging tribal and rural communities and would make housing credits more available to extremely low income tenants.
“The Low-Income Housing Tax Credit is a vital and effective tool to address the affordable housing crisis in America,” Tiberi, a member of the House Ways and Means Committee, said. “Since 1987, Ohio has used the LIHTC program to facilitate the development of over 100,000 affordable rental housing units. It is a great example of how the private sector can work with government to help families, individuals and seniors find a safe and decent place to live and call home.”
The measure, which Tiberi introduced with U.S. Rep. Richard Neal (D-MA), the ranking member of the House Ways and Means Committee, would also take steps to preserve existing affordable housing tax credits.
“I look forward to working with Congressman Neal and the rest of the Ways and Means Committee as we reform our tax code to ensure that this incentive to provide affordable housing remains strong,” Tiberi said.
Neal said the LIHTC program is a powerful tool to leverage private investment in affordable housing.
“Thanks to the Housing Credit, more than 100,000 low-income families now have affordable homes in Massachusetts,” Neal said. “I’m pleased to once again be teaming with my colleague, Pat Tiberi, to further strengthen the housing credit program, and I call on my colleagues to support these common sense reforms.”