Yesterday, August 1, 2013, Senator Maria Cantwell (D-WA) introduced legislation to permanently extend the 9 percent Credit floor and create a 4 percent Credit floor for allocated Credits. The bill is identical substantively to the legislation AHTCC and other industry groups advocated for last year which resulted in a temporary extension of the 9 percent Credit floor as part of the extenders legislation. A House companion bill has not been introduced. Click here for the text of the legislation and here for the summary.
This is an important showing of support for the Housing Credit program in the context of tax reform discussions. Importantly, the new bill already enjoys 20 cosponsors – one fifth of the Senate! AHTCC encourages all of its members to contact their Senators and encourage them to cosponsor this legislation. AHTCC particularly encourages members from states represented by Republican Senators to contact their representatives. It is important to build broad, bipartisan, support for this legislation. Senators interested in sponsoring the legislation should be directed to Erin Gulick in Senator Cantwell’s office at 202-228-0514.
Current cosponsors are: Richard Blumenthal (D-CT), Barbara Boxer (D-CA), Sherrod Brown (D-OH), Benjamin Cardin (D-MD), Susan Collins (R-ME), Dianne Feinstein (D-CA), Al Franken (D-MN), Kirsten Gillibrand (D-NY), Tom Harkin (D-IA), Mazie Hirono (D-HI), Angus King (I-ME), Amy Klobuchar (D-MN), Edward Markey (D-MA), Robert Menendez (D-NJ), Pat Roberts (R-KS), Bernard Sanders (I-VT), Brian Schatz (D-HI), Charles Schumer (D-NY), Elizabeth Warren (D-MA), and Sheldon Whitehouse (D-RI).