Cantwell, Roberts Introduce Bill to Renew Low-Income Housing Tax Provision

Press Release

Today, U.S. Senator Maria Cantwell (D-WA) and Senator Pat Roberts (R-KS) introduced bipartisan legislation to reauthorize a critical tax provision for improving access to affordable housing and spurring private investment in developments that support small businesses and construction jobs nationwide.

The Low-Income Housing Tax Credit (LIHTC) is the primary tool for financing 90 percent of affordable housing projects in the United States. The "Improving the Low-Income Housing Tax Credit Rate Act" would improve the existing LIHTC by providing greater certainty for new housing construction.

"The Low-Income Housing Tax Credit supports more than 90,000 jobs each year nationwide and has helped leverage nearly $100 billion in private investment in these critically needed affordable housing units," said Cantwell, a member of the Senate Finance Committee. "That's why we must permanently extend this critical provision without delay and give states the certainty they need to help address the affordable housing crisis in this country."

"I have long supported the Low-Income Housing Tax Credit and will push for its inclusion in any tax reform plan to be considered by Congress," said Roberts, a member of the Senate Finance Committee. "The Low-Income Housing Tax Credit program is one of the federal government's primary policy tools for encouraging the development and rehabilitation of affordable rental housing. The program has been particularly important in Kansas, where numerous projects have been put online in rural areas, for returning military personnel, and for veterans by using the low-income housing tax credit."

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