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Congress returns to Washington, DC next week to a full legislative agenda, including two staggered government funding deadlines on January 19 and February 2, 2024. However, even in advance of their return, congressional and tax committee leadership have resumed negotiations in hopes of passing tax legislation soon after Congress' return from the holiday recess, and as early as the January 19 funding deadline. If a tax bill advances, it is likely the last major tax legislation before 2025, and it is critical that any tax bill include Low-Income Housing Tax Credit (Housing Credit) provisions.
We need AHTCC members to engage and re-engage with AHCIA co-sponsors immediately and ask them to weigh in with congressional and committee leadership to ensure our Housing Credit priorities are included in any tax legislation. It is imperative that we ask our supporters to reinforce the urgency of taking congressional action on the affordable housing crisis now, as this may be the last tax bill until 2025. Without taking action on the Housing Credit, Congress would not only slow affordable housing production, but also perpetuate a cut to the main affordable housing supply program during a time of staggering need.
The Affordable Housing Credit Improvement Act (AHCIA), legislation to expand and strengthen the Housing Credit, is the most broadly supported bipartisan tax bill in the 118th Congress, having gained the support of 202 co-sponsors in the House and 30 co-sponsors in the Senate—that means nearly half of Congress as a whole supports taking action on the Housing Credit.
Additionally, just today, AHCIA lead sponsors Reps. Darin LaHood (R-IL) and Suzan DelBene (D-WA) published an op-ed in The Hill emphasizing the need to expand and strengthen the Housing Credit by enacting provisions in the AHCIA, writing, "At a time of heightening division in our politics, this crisis transcends party because it affects everyone. By enacting the AHCIA, we can show that impactful bipartisan accomplishments aren’t a thing of the past in Washington. Congress has a lot on its plate, but we cannot let any more time go by without addressing the affordable housing crisis head on."
Despite this broad support for the AHCIA, it will require concerted advocacy to include Housing Credit provisions in the tax legislation currently under negotiation. The drivers behind the tax negotiations have been a limited set of tax provisions - business tax extenders and the Child Tax Credit. If an agreement is reached on these provisions, adding other tax provisions will be difficult, but not impossible. It is incumbent on our outreach and the outreach of our AHCIA supporters.
We are asking AHTCC members to engage current co-sponsors of the AHCIA to ask them to weigh in with committee and House and Senate leadership this week and next week to help ensure our key Housing Credit production priorities are included in any tax legislation that materializes.
We cannot let Congress pass any tax legislation without taking action on the Housing Credit, and it is critical to engage congressional supporters in the days ahead as negotiations continue. See below for how you can help engage your members of Congress and those with whom you have a relationship on our Housing Credit priorities.
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