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House Ways and Means Committee Chairman Jason Smith and Senate Finance Committee Chairman Ron Wyden recently announced a bipartisan and bicameral tax package deal to be introduced as The Tax Relief for American Families and Workers Act of 2024. If passed, it would revive three business tax credits, expand the child tax credit, and give a boost to low-income housing.
The deal includes two LIHTC provisions from the Affordable Housing Credit Improvement Act (AHCIA). The AHCIA was last introduced in 2023, and it contained long-sought changes to the LIHTC program.
Senate Finance Committee Chair Ron Wyden (D-OR), Senator Dan Sullivan (R-AK), and House Ways and Means Committee members Representatives Jimmy Panetta (D-CA) and Mike Carey (R-OH) recently introduced the Workforce Housing Tax Credit Act. If passed, the legislation would establish a new tax credit to produce affordable rental housing for households earning between 60 and 100 percent of the area median income (AMI).
The increase for the 2024 per-capita multiplier ties the record set last year for the largest year-over-year increase without legislative cause since 2003.
The Internal Revenue Service recently released Revenue Procedure 2023-34, which provides the 2024 per-capita and small-state minimum levels for the Low Income Housing Tax Credit and Private Activity Bonds.
Every year during the last week of October, National Lead Poisoning Prevention Week (NLPPW) raises awareness about lead poisoning. HUD, the U.S. Environmental Protection Agency (EPA), and the Centers for Disease Control and Prevention (CDC), are working to raise awareness, provide resources, and encourage preventive actions to decrease childhood lead exposure during the week and beyond.
The Senate Committee on Banking, Housing, and Urban Affairs recently held a hearing to consider how recent developments in the property insurance market are impacting consumers, with particular emphasis on housing costs.
Rental fees can increase cost burdens for renter households, who are often already spending a growing share of their income on rent due to a limited housing supply across the country.
HUD’s Office of Multifamily Housing Programs recently issued a memo, which removes the $25 million loan cap for the LIHTC Pilot Program. The pilot program streamlines processing for new construction [Section 221(d)(4)] and substantial rehabilitation [Section 220] transactions. HUD is lifting the cap on FHA loans to better align and incentivize borrowers and lenders to use the new pilot program.
On May 11, bipartisan groups of senators and representatives introduced the Affordable Housing Credit Improvement Act (AHCIA) of 2023 in the Senate and House. The legislation is sponsored by Senators Maria Cantwell (D-WA), Todd Young (R-IN), Ron Wyden (D-OR), and Marsha Blackburn (R-TN), along with Representatives Darin LaHood (R-IL), Suzan DelBene (D-WA), Brad Wenstrup (R-OH), Don Beyer (D-VA), Claudia Tenney (R-NY), and Jimmy Panetta (D-CA).
Senator Tim Kaine (D-VA) and Representative Scott Peters (D-CA) recently introduced the “Fair Housing Improvement Act” to protect veterans and low-income families from housing discrimination.
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