The House of Representatives passed a $78 billion tax bill that includes key measures to boost the low-income housing tax credit (LIHTC) program.
In a rare showing of bipartisan support, the tax package passed 357-70, with 188 Democrats and 169 Republicans in favor of the bill.
“The low-income housing tax credit provisions in the Tax Relief for American Families and Workers Act of 2024 would finance over 200,000 affordable homes that are shovel ready, and we encourage the Senate to move quickly to advance this bipartisan legislation,” says Emily Cadik, CEO of the Affordable Housing Tax Credit Coalition (AHTCC).
Much of the attention has been on the bill’s expansion of the child tax credit, but the package also includes two important measures from the Affordable Housing Credit Improvement Act—restoration of a 12.5% allocation increase to the LIHTC program that expired at the end of 2021 and a reduction from 50% to 30% of the amount of private-activity bond financing required to access the 4% housing credit.
Read More
