Contact U.S. Sen. King and Sen. Collins to Pass Tax Relief for American Families and Workers Act (Previously called AHCIA) on 8/1 Vote
Last night, Senate Majority Leader Chuck Schumer (D-NY) filed a motion to bring the Tax Relief for American Families and Workers Act (H.R. 7024) to the floor for a vote this Thursday, August 1. Reach out to your Senators now to remind them just what's at stake for affordable housing and urge them to vote for the legislation. The bill would:
Restore the 12.5 percent increase in 9 Percent Housing Credit authority the program suffered after a temporary increase expired in 2021. The bill's cap increase would apply to calendar years 2023, 2024, and 2025.
Lower the bond-financing threshold for 4 Percent Housing Credit developments financed with bonds that have an issue date prior to 2026.
Together, these provisions would finance 1,500 new rental homes in Maine generating new jobs throughout Maine. The legislation passed the House of Representatives earlier this year by a wide bipartisan vote of 357 to 70.
I am writing to ask for your support of the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024), which contains provisions to expand the Low-Income Housing Tax Credit (Housing Credit).
On January 31, the bill passed the House 357-70, with strong support from both parties. The standalone legislation that inspired the bill, the Affordable Housing Credit Improvement Act (AHCIA, S. 1557), has the support of nearly half of Congress. There are 34 cosponsors in the Senate, evenly divided between Democrats and Republicans.
The Housing Credit is our nation's number one tool for financing the construction and preservation of affordable rental housing. The provisions in H.R. 7024 would finance the construction of over 200,000 new affordable homes nationwide, providing a decent and safe place to live for that many families.
In Maine, the Housing Credit has produced or preserved 10,760 homes since the program’s inception in 1986. There are housing tax credit projects in Maine from Fort Fairfield to Kittery. This bill would create up to 1,500 new homes in Maine affordable for Maine people.
Please pass this vital bill to address Maine's housing crisis. Maine needs 84,000 new homes by 2030 to support our current and future workforce needs. More than half of those need to be affordable so all Maine people have a home.
The National Governors Association endorses the tax package, a notable achievement since the NGA only endorses legislation if all 55 state and territorial governors agree to do so. I urge you to support the Tax Relief for American Families and Workers Act of 2024.
Thank you.
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