Tiberi and Neal Introduce the Affordable Housing Credit Improvement Act
(Washington) - Today, Congressman Pat Tiberi (R-OH) and Ranking Member of the Ways and Means Committee Richard E. Neal (D-MA) introduced the Affordable Housing Credit Improvement Act, legislation that strengthens the Low-Income Housing Tax Credit. The Affordable Housing Credit Improvement Act would give states additional flexibility, make the financing of affordable housing more predictable and streamlined, facilitate housing credit development in challenging markets like rural and Native American communities, increase the housing credit’s ability to serve extremely low-income tenants, and support the preservation of existing affordable housing.
“The Low-Income Housing Tax Credit is a vital and effective tool to address the affordable housing crisis in America,” said Congressman Tiberi. “Since 1987, Ohio has used the LIHTC Program to facilitate the development of over 100,000 affordable rental housing units. It is a great example of how the private sector can work with government to help families, individuals and seniors find a safe and decent place to live and call home. I look forward to working with Congressman Neal and the rest of the Ways and Means Committee as we reform our tax code to ensure that this incentive to provide affordable housing remains strong.”
“The Low-Income Housing Tax Credit is a powerful tool for leveraging private investment for affordable housing. Thanks to the Housing Credit, more than 100,000 low-income families now have affordable homes in Massachusetts. I’m pleased to once again be teaming with my colleague, Pat Tiberi, to further strengthen the Housing Credit program – and I call on my colleagues to support these commonsense reforms,” said Congressman Richard E. Neal.