We are grateful to Speaker Pelosi and the House Ways and Means Committee for supporting major expansions of the Low-Income Housing Tax Credit (Housing Credit) through budget reconciliation legislation. As part of this legislation, it is critical to ensure that taxpayers and Congress get what they pay for when they invest federal resources in expanding the Housing Credit.
Specifically, the draft Infrastructure Reconciliation bill that the House of Representatives will vote on as soon as this Friday 1) makes it more feasible for nonprofit organizations to exercise their Right of First Refusal (ROFR) to ensure maximum long-term public benefit; and 2) closes the “qualified contract” loophole that has allowed profit-motivated entities to wrest control of Housing Credit properties in other states. Profit-motivated investors are opposing these provisions, so we need your support to keep these critical improvements in the reconciliation bill now working its way through Congress.
Please add your organization to the list of signers by emailing email@example.com by noon on Thursday, September 23rd. The letter also thanks Speaker Pelosi for supporting the inclusion of a provision that will address California’s tax-exempt bond crisis.