LIHTC Carryback Bill Introduced
Sen. Jeff Bingaman (D-N.M.) introduced legislation today aimed at boosting the low-income housing tax credit (LIHTC) market.
His bill, the Low-Income Housing Tax Credit Recovery Act, introduces new flexibility into the program by allowing credits to be carried back up to five years for new housing and qualifying existing housing.
Affordable housing advocates have been pushing for this change as a way to make the credits more attractive to investors. An Ernst & Young study recently determined that this would bring in another $5 billion in private LIHTC investments.
The introduction of the bill was applauded by Enterprise and the Local Initiatives Support Corp.
"Congress’s support and passage of a carryback extension is urgently needed for developers to attract and retain the necessary investment capital to finance, build and rehabilitate affordable apartments,” Charles R. Werhane, president and CEO of Enterprise Community Investment, Inc. “Affordable housing is the cornerstone of success for people and families with low incomes across the country and so Enterprise urges Congress to quickly pass this critical legislation.”
The carryback extension is one of three consensus LIHTC proposals supported by more than 170 national, state and local LIHTC stakeholder organizations working together as part of the Affordable Rental Housing A.C.T.I.O.N. (A Call To Invest in Our Neighborhoods) campaign. For more information on the campaign, visit www.rentalhousingaction.org.
His bill, the Low-Income Housing Tax Credit Recovery Act, introduces new flexibility into the program by allowing credits to be carried back up to five years for new housing and qualifying existing housing.
Affordable housing advocates have been pushing for this change as a way to make the credits more attractive to investors. An Ernst & Young study recently determined that this would bring in another $5 billion in private LIHTC investments.
The introduction of the bill was applauded by Enterprise and the Local Initiatives Support Corp.
"Congress’s support and passage of a carryback extension is urgently needed for developers to attract and retain the necessary investment capital to finance, build and rehabilitate affordable apartments,” Charles R. Werhane, president and CEO of Enterprise Community Investment, Inc. “Affordable housing is the cornerstone of success for people and families with low incomes across the country and so Enterprise urges Congress to quickly pass this critical legislation.”
The carryback extension is one of three consensus LIHTC proposals supported by more than 170 national, state and local LIHTC stakeholder organizations working together as part of the Affordable Rental Housing A.C.T.I.O.N. (A Call To Invest in Our Neighborhoods) campaign. For more information on the campaign, visit www.rentalhousingaction.org.
posted by Donna Kimura at 3:45 PM
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