Affordable Housing Gets Boost in Congressional Tax Reform Proposal
January 22, 2024 by The bipartisan tax reform proposal in Congress aims to enhance the Low-Income Housing Tax Credit (LIHTC), a pivotal program for promoting affordable housing construction. Garnering support from both parties, the LIHTC has been instrumental in financing 3.7 million affordable rental homes since its inception in 1986. While the legislation promises to restore a crucial 12.5% increase in tax credit allocations, housing advocates argue it falls short of addressing the full spectrum of America’s housing affordability crisis. They suggest that more substantial reforms and measures for deeply affordable housing are necessary to effectively tackle the issue.