Legislation Introduced in the Senate to Make Permanent Housing Credit Floor


CARH’S BROADCAST E-MAIL – Legislative Update

May 6, 2015

In a March 2, 2015, Broadcast E-mail, CARH notified members that legislation had been introduced in the House to make permanent the Housing Credit floor. Yesterday, Senators Maria Cantwell (D-WA) and Pat Roberts (R-KS) introduced identical legislation in the Senate.

S. 1193, and the companion legislation H.R. 1142, would permanently establish a fixed nine percent (for new rental construction property) and four percent (for existing property) Housing Credits. The bill would apply to buildings placed in service after Dec. 31, 2014.

As CARH members know, The Housing and Economic Recovery Act of 2008 (HERA) set a fixed floor rate for the 9 percent Housing Credit. The Tax Increase Prevention Act of 2014, which passed at the end of the last Congress, extended the fixed floor rate for the 9% credit through the end of 2014. However, due to passage of the legislation in December, there were very few owners or developers who could use this flat rate because allocations of tax credits had already been made using a variable rate. For a majority, it would not be feasible for transactions to be resubmitted with the fixed rate.

CARH members are urged to contact their Senators and Representatives to ask them to cosponsor and support both S. 1193 and H.R. 1142, if they haven’t already done so.

Cosponsors of S. 1193 include:

  • Barbara Boxer (D-CA)
  • Dianne Feinstein (D-CA)
  • Richard Blumenthal (D-CT)
  • Mazie Hirono (D-HI)
  • Mike Crapo (R-ID)
  • Elizabeth Warren (D-MA)
  • Benjamin Cardin (D-MD)
  • Angus King (I-ME)
  • Debbie Stabenow (D-MI)
  • Al Franken (D-MN)
  • Amy Klobuchar (D-MN)
  • Jeanne Shaheen (D-NH)
  • Cory Booker (D-NJ)
  • Robert Menendez (D-NJ)
  • Kirsten Gillibrand (D-NY)
  • Charles Schumer (D-NY)
  • Sheldon Whitehouse (D-RI)
  • Patrick Leahy (D-VT)
  • Bernard Sanders (I-VT)
  • Patty Murray (D-WA)

Cosponsors of H.R. 1142 include:

  • Mark DeSaulnier (D-CA)
  • Alan Lowenthal (D-CA)
  • Devin Nunes (R-CA)*
  • Linda Sanchez (D-CA)
  • Mike Thompson (D-CA)*
  • Juan Vargas (D-CA)
  • John Larson (D-CT)*
  • Vern Buchanan (R-FL)
  • David Jolly (R-FL)
  • Patrick Murphy (D-FL)
  • John Lewis (D-GA)
  • Danny Davis D- (IL)*
  • Randy Hultgren (R-IL)
  • Peter Roskam (R-IL)
  • Aaron Schock (R-IL)*
  • Luke Messer (R-IN)
  • Todd Young (R-IN)*
  • Andy Barr (R-KY)
  • Brett Guthrie (R-KY)
  • Charles Boustany (R-LA)*
  • William Keating (R-MA)
  • Joseph Kennedy III (D-MA)
  • Richard Neal (D-MA)
  • Fred Upton (R-MI)
  • Tim Walberg (R-MI)
  • Keith Ellison (D-MN)
  • John Kline (R-MN)
  • Richard Nolan (D-MN)
  • Erik Paulsen (R-MN)*
  • Vicky Hartzler (R-MO)
  • Jason Smith (R-MO)
  • Bennie Thompson (D-MS)
  • Ryan Zinke (R-MT)
  • Ann Kuster (D-NH)
  • Bill Pascrell (D-NJ)*
  • Mark Amodei (R-NV)
  • Joseph Crowley (D-NY)
  • Christopher Gibson (R-NY)
  • Charlie Rangel (D-NY)*
  • Tom Reed (R-NY)*
  • Joyce Beatty (D-OH)
  • Bob Gibbs (R-OH
  • Bill Johnson (R-OH)
  • Jim Renacci (R-OH)*
  • Steve Stivers (R-OH)
  • Michael Turner (R-OH)
  • Earl Blumenauer (D-OR)*
  • Robert Brady (D-PA)
  • Mike Kelly (R-PA)
  • Randy Neugebauer (R-TX)
  • Peter Welch (D-VT)
  • Derek Kilmer (D-WA)
  • Jim McDermott (D-WA)*
  • Dave Reichert (R-WA)*
  • Ron Kind (D-WI)*

*Indicates original cosponsor

If you have any questions, please contact CARH at 703-837-9001 or carh@carh.org.

Don’t miss CARH’s 2015 Annual Meeting & Legislative Conference
June 14-16, 2015, at the Ritz Carlton Pentagon City in Arlington, Virginia!

Council for Affordable and Rural Housing

1112 King Street, Alexandria, VA 22314

703-837-9001 Phone; 703-837-8467 Fax

carh@carh.org; www.carh.org

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