Low Income Housing Tax Credit Supporters Pressed for Time

New York housing advocates are sending out advocacy alerts to anyone who sees value in preserving the Low Income Housing Tax Credit in the tax code.

It is common knowledge that affordable housing and affordable housing development capital is getting scarcer. Arguably tax credits are the best incentive available in the market today.

Recently the Senate Finance Committee proposed a "blank slate" approach to tax reform removing all expenditures, including LIHTC from the tax code, explains NYHC’s CEO, Judy Calogero. It means LIHTC advocates need “to make a strong case” to ensure the program is included in the reformed tax code.

Even though LIHTC is supported by many in Congress as the country's “most successful affordable housing production program” currently financing approximately 90% of all affordable housing development nationwide, she notes, “we cannot take anything for granted.”

NYHC, the self-described broad-based coalition of nonprofit and private developers, owners, managers, professionals and funders of affordable housing in New York, is urging supporters “to make the case” for the Low Income Housing Tax Credit through the Affordable Housing Tax Credit Coalition website.

Along with the coalition NYHC is making it easy for New Yorkers to do that.

They offer access to a preformatted message available online. Using the link New York residents can send a personalized email to New York Sens. Charles Schumer and Kirsten Gillibrand “urging them to protect the Housing Credit throughout tax reform.”

But supporters are running out of time. Schumer and Gillibrand will need to gather public support feedback by Friday, July 26.