The U.S. Senate has returned to Washington and is working to craft their version of a “Phase 4” COVID relief bill and NALHFA is working to ensure crucial affordable housing priorities are included. Previously, the House of Representatives passed a relief bill that addressed several NALHFA-supported priorities, including the enactment of a permanent minimum 4 percent Low-Income Housing Tax Credit (Housing Credit) rate, lowering the “50 percent test” for bond-financing to 25 percent, and providing several basis boosts, among others.
As the Senate works on a bill this week, NALHFA is in discussions with several U.S. senators and has also sent an industry letter detailing the crucial industry priorities needed from Congress. Key provisions supported by NALHFA include:
- Additional Housing Choice Vouchers to protect vulnerable renters;
- At Least $14 Billion in supplemental HOME funding;
- Creation of a national Housing Assistance Fund;
- Creation of a national Emergency Building Stabilization Fund;
- Creation of a Multi-Family Servicer Facility;
- Set the 4 percent minimum rate in the Low Income Housing Tax Credit program;
- Lower the “50 percent test” bond financing threshold for 4 percent Housing Credit developments;
- Revive the US Treasury Federal Financing Bank & HUD Risk-Sharing partnership;
- Provide direct federal aid to local municipalities;
- Expand liquidity relief to municipalities.
In addition, NALHFA has created a grassroots campaign for members to contact their elected officials on these important priorities. Click the link below to urge your officials to support critical affordable housing priorities in any legislation being considered to stimulate the economy.