Mayors Ask Congress for LIHTC Enhancements in Next COVID Relief Law
On June 1, 67 mayors representing communities across 28 states and the District of Columbia sent a letter to House and Senate leaders, urging Congress to establish a minimum 4 percent rate for bond-financed properties and lower the “50 percent test” financed-by threshold that bond-financed properties must meet to receive 4 percent Housing Credits in the next coronavirus relief legislation. The letter explains how the drop in the 4 percent minimum Housing Credit rate is threatening the viability of LIHTC sites.
The letter also points out that affordable housing will be in greater demand given the economic downturn, and the production of affordable housing will create jobs to help our economy recover. Protecting and strengthening the Housing Credit in the face of COVID-19 will provide residents in our cities safe and affordable housing during a time of great economic uncertainty.