January 13, 2024

Auchincloss Calls for Including Affordable Housing Policy in Forthcoming Tax Package

"The lack of affordable housing is the single biggest challenge facing my home state of Massachusetts."

 

Ahead of the reported bicameral, bipartisan tax deal being reached, Congressman Jake Auchincloss (D, MA-04) sent a letter to Senate Finance Committee Chairman Ron Wyden (D, OR) and House Ways and Means Chairman Jason Smith (R, MO-08), urging them to include the Affordable Housing Credit Improvement Act in the final package. 

 

In the letter Auchincloss stated, "The lack of affordable housing is the single biggest challenge facing my home state of Massachusetts. The Commonwealth faces a shortfall of hundreds of thousands of units of housing of all types, including rental units designated for extremely low-income households. The Affordable Housing Credit Improvement Act would expand the LIHTC program in a measured and thoughtful manner, allowing projects to carry less debt and making more projects eligible to receive funding. This would help Massachusetts build more affordable housing." 

 

A full copy of the letter can be found attached and below. 

 

January 11, 2024 

 

The Honorable Ron Wyden 

Chairman  

Senate Committee on Finance 

221 Dirksen Senate Office Building 

Washington, D.C. 20510 

 

The Honorable Jason Smith 

Chairman  

House Committee on Ways and Means 

1101 Longworth House Office Building 

Washington, D.C. 20515 

 

Dear Chairman Wyden and Chairman Smith: 

 

I write to you today to request that you include the Affordable Housing Credit Improvement Act of 2023 in the forthcoming tax package. This bipartisan legislation would finance the construction of nearly two million new affordable housing units over ten years by expanding the successful Low-Income Housing Tax Credit (LIHTC) program to increase the amount of credits allocated to each state. Additionally, this measure would increase the number of affordable housing projects that can be built using private activity bonds, increase the credit for certain projects designated to serve extremely low-income households, and codify protections for veterans and victims of domestic and dating violence.  

 

As I testified before the House Financial Services Committee on November 9, 2023, the lack of affordable housing is the single biggest challenge facing my home state of Massachusetts. The Commonwealth faces a shortfall of hundreds of thousands of units of housing of all types, including rental units designated for extremely low-income households. The Affordable Housing Credit Improvement Act would expand the LIHTC program in a measured and thoughtful manner, allowing projects to carry less debt and making more projects eligible to receive funding. This would help Massachusetts build more affordable housing. 

 

I appreciate your attention to this important matter and hope to see the inclusion of the Affordable Housing Improvement Credit Act of 2023 in the forthcoming tax package.  

 

Sincerely, 

 

Jake Auchincloss 

Member of Congress  

 

cc: The Honorable Mike Crapo, Ranking Member, Senate Committee on Finance 

      The Honorable Richard Neal, Ranking Member, House Committee on Ways and Means 

 

 

To learn more about Congressman Jake Auchincloss visit https://auchincloss.house.gov or connect with him on FacebookTwitterInstagram, or YouTube


By:  Steve Sherlock
Source: Franklin Matters