- Created: Friday, 23 March 2018 12:04
- Written by Elizabeth Glidden
This week, congressional leaders passed a spending bill that includes a significant increase in funding for affordable housing and community development programs at HUD and USDA. The spending bill also includes an increase in Low Income Housing Tax Credits (LIHTC) and an important reform to the tax program.
Thank you to Minnesota and national advocates, including our partners at the National Low Income Housing Coalition, for their tireless work to achieve this good result.
The spending bill includes two key provisions from the Affordable Housing Credit Improvement Act (S. 548 / H.R. 1661):
A 12.5 percent increase in Housing Credit allocation for four years (2018-2021), and
Income averaging, on a permanent basis after enactment of this bill, which would allow the 60 percent of area median income ceiling to apply to the average of all apartments in a project rather than each individual Housing Credit apartment.
New data released this week by HUD on residents of LIHTC properties at the end of 2015 shows how critical the program is in supporting low wealth households, families, seniors and people with disabilities in Minnesota.