For Immediate Release: June 5, 2019
Contact: Kevin McKenney, (202) 367-1169
NLBMDA Applauds Reintroduction of the
Affordable Housing Credit Improvement Act
Washington, D.C. – The National Lumber and Building Material Dealers Association (NLBMDA) applauds action taken yesterday by a group of bipartisan legislators in both the House and Senate to reintroduce the Affordable Housing Credit Improvement Act (S. 1703 and H.R. 3077), which would address the nation’s shortage of affordable housing by protecting, expanding and strengthening the Low-Income Housing Tax Credit (LIHTC).
This legislation would boost affordable housing development by increasing the amount of credits allocated to each state by 50% over a five year period. The bill also establishes a minimum 4% credit rate floor which will increase the amount of equity available to build affordable housing and help close the gap between the costs of developing homes and the financing available to provide affordable rents to low and moderate-income families. Estimates have shown that 65,000 additional rental homes could be financed over the next 10 years if a minimum 4 percent floor is established for low-income housing tax credits (LIHTCs), in combination with tax-exempt private activity bonds.
“The Low-Income Housing Tax Credit plays a critical role in helping address our nation’s affordable housing crisis and NLBMDA is delighted to see the Affordable Housing Credit Improvement Act reintroduced in the 116
th
Congress,” said Jonathan Paine, President and CEO of NLBMDA. “This legislation will help spur affordable housing development, provide predictability for developers, and make more types of development financially feasible.”
Since 1986, LIHTC has financed the development of over 3 million apartments, providing affordable homes to roughly 7.2 million low to moderate-income families. The development of these apartments has supported 3.4 million jobs, and generated $323 billion in local income and $127 billion in federal, state and local tax revenues.
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About NLBMDA
The National Lumber and Building Material Dealers Association (NLBMDA) is the recognized voice and resource of the Lumber and Building Material industry to federal legislators and regulatory agencies in Washington DC. NLBMDA provides its members the resources and education to comply with federal laws, codes and regulations. NLBMDA identifies challenges and growth opportunities to the industry and collaborates with its Federateds to develop solutions that require national implementation. To learn more visit
NLBMDA's website.
