Support for the Affordable Housing Credit Improvement Act (AHCIA) has grown to 200 members of the House of Representatives and 30 in the Senate, reported the Affordable Housing Tax Credit Coalition (AHTCC).

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The legislation (H.R. 3238 and S. 1557) aims to expand and improve the low-income housing tax credit program. Over 10 years, AHCIA would spur the financing of nearly 2 million additional affordable homes, according to supporters.

With continuing resolutions funding the federal government through Jan. 19, 2024, and Feb. 2, 2024, advocates are pushing for action on the bill during consideration of any potential tax legislation when Congress returns early in 2024.

“With an opportunity for strengthening the housing credit on the horizon, we applaud Republicans and Democrats for lending overwhelming bipartisan support to common-sense solutions that are ready to make rental housing more affordable for millions of Americans right away,” said AHTCC CEO Emily Cadik in a statement. “Momentum behind the AHCIA is greater than ever, and this strong showing of support should signal to House and Senate leaders that the time is now to take meaningful action on affordable housing—we cannot let another opportunity go by without taking action on this crisis.”

Two critical provisions in the AHCIA—restoring a 12.5% allocation increase that expired at the end of 2021 due to congressional inaction and reducing the amount of private-activity bond financing required to access the 4% housing credit from 50% to 25%—would alone finance more than 1.4 million affordable homes over the next 10 years.

These legislative priorities would immediately increase affordable housing production nationwide.

“Across the country, shovel-ready affordable housing developments are ready and waiting for access to additional housing credit resources that will trigger the immediate development and preservation of affordable housing,” said Ryan Sfreddo, president of the AHTCC board of directors and CEO of Red Stone Equity Partners. “To make these projects a reality, it is vital that lawmakers include AHCIA provisions in any tax legislation before Congress.”