Hassan-backed bill would expand Low-Income Housing Tax Credit

U.S. Sen. Maggie Hassan, D-NH.

A bill being co-sponsored by U.S. Sen. Maggie Hassan, D-NH, seeks to expand the Low-Income Housing Tax Credit in an effort to increase investment in affordable housing.

The senator said the Affordable Housing Credit Improvement Act of 2021 would enable the construction and rehabilitation of affordable rental housing and expand affordable housing opportunities for veterans, survivors of domestic violence and other under-served communities.

The bill, introduced by Senators Maria Cantwell, D-Wash., Todd Young, R-Ind., Ron Wyden, D-Ore., and Rob Portman, R-Ohio. would:

• Increase the number of credits available to states by 50 percent for the next two years and make permanent the temporary 12.5 percent increase secured in 2018
• Stabilize financing for workforce housing projects built using private activity bonds by decreasing the amount of private activity bonds needed to secure LIHTC funding
• Make a number of improvements to the program to better serve veterans, victims of domestic violence, rural Americans and additional groups.