Resolved that NAHB urge Congress to make the following program improvements to the Low-Income Housing Tax Credit (LIHTC) statute in order to eliminate obsolete and burdensome requirements and financial risk while improving the program’s ability to meet the nation’s affordable housing needs:
- Fix tax credit percentages at 4% and 9% instead of the current floating percentages pegged to interest rates.
- Make the 10% carry-forward requirement incontestable once a building has been placed in service.
- Allow separate ownership of housing credit units and market-rate units in mixed-income properties.
- For projects financed with tax-exempt bonds, conform the next-available unit rule to the LIHTC rules instead of the tax-exempt bond rules.
Resolution originally adopted: 2004/1 No. 2
Committee with primary jurisdiction:
- Multifamily Council Board of Trustees
View full text of resolution.