Low Income Housing Tax Credit Fact Sheet

Advocate for an Additional $20 Million LIHTC Allocation for Flood Relief in New York

The Irene and Lee Tax Relief Storm Recovery Act, H.R. 3769, has been introduced by NY Congressman Chris Gibson, with NY Congressman Tom Reed as an original cosponsor. The bill would award to ten flood damaged states an additional 50 percent of their annual LIHTC allocation - this equates to $20 million in additional LIHTC for New York.  A copy of the bill is available here.

Please contact your congressional representatives and encourage them to cosponsor the bill. Please also contact Senators Schumer and Gillibrand, and ask them to introduce a companion bill in the Senate.

Fixing the LIHTC Rates at 9% and 4%

Legislation has been introduced in the Senate (S.1989) and House (H.R. 3661) to permanently extend the flat 9% credit rate and create a flat 4% credit rate for allocated credits. If the current fixed rate is not extended, the amount of equity properties receive through the LIHTC could decrease by 15%, significantly reducing private resources for housing when government simply cannot compensate by allocating more public subsidy. The cost of this proposal is nominal because it does not increase the allocation of LIHTC; rather it maximizes the equity a project receives through the program.  Please encourage your representatives to cosponsor this bill.

Look up your representative here.

Contact information for the entire NY delegation is available here.