Coalition Asks Senate to Include Housing Credit Provisions in Stimulus Bill
Thirty-one members of the Affordable Housing Tax Credit Coalition (AHTCC) recently sent a letter to the U.S. Senate urging inclusion of several low-income housing tax credit provisions to the economic stimulus plan that was being debated at press time.
In its January 30, 2009 letter, the AHTCC asked for $5 billion in dedicated funding that would be allocated through state housing credit allocating agencies to fill financing gaps in projects that were already awarded credits, but are having trouble raising capital. It also asked the Senate to adopt a proposal that would permit housing credit agencies to “exchange a portion of their 2009 Housing Credits for cash grants” that would be used as a temporary financing gap measure (this provision is included in version that was passed in the House of Representatives). The coalition is also seeking a provision that would allow taxpayers to accelerate the housing credit by up to 200 percent each year for each of the first three years of the 10-year credit period. Finally, they would like taxpayers to be permitted to carryback the housing credit for up to five years and allow the housing credit to offset AMT liability for that period.
To see a copy of the letter and for more information about the AHTCC, go to: www.taxcreditcoalition.org.