Affordable housing advocates are exploring different options to move forward key provisions of the stalled Build Back Better (BBB) bill.
Hopes of passing the sweeping $2 trillion proposal faded late last year when Sen. Joe Manchin (D-W.Va.) said he would not support the bill, which included increases to the annual 9% low-income housing tax credit (LIHTC) allocation, a reduction of the 50% bond financing threshold test to 25%, and other significant changes. In an evenly split Senate, Manchin’s vote likely determines the bill’s fate.
“Build Back Better is on life support,” says industry veteran Bob Moss. “It’s not being played out in the public eye. I think that’s intentional on part of the administration and lawmakers.”
Advocates point out that Capitol Hill staffers remain optimistic that the bill can win congressional approval, but the timing is unknown. In January, lawmakers had turned their focus to voting rights and other issues.
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