Sen. Maria Cantwell (D-Wash.) introduced the Job Creation and Affordable Housing Act last week, which contains several of the key measures being sought by low-income housing tax credit (LIHTC) advocates.

S. 3326 would increase the carryback period for LIHTCs from one to five years and require tax rebates received as a result of the longer carryback period to be reinvested into new LIHTC properties.

The bill also seeks to extend the tax credit exchange program for an additional year and expand it to include 4 percent credits.

Sens. John Kerry (D-Mass.) and Barbara Boxer (D-Calif.) are co-sponsors.