Granger MacDonald, first vice chairman of the National Association of Home Builders (NAHB) and a home builder and tax credit developer from Kerrville, Texas, today issued the following statement regarding legislation introduced by Sens. Maria Cantwell (D-Wash.) and Orrin Hatch (R-Utah) and co-sponsored by Sen. Ron Wyden (D-Ore.):
“NAHB commends Sens. Cantwell, Hatch and Wyden for introducing the Affordable Housing Credit Improvement Act, legislation that contains a number of critical improvements to the Low Income Housing Tax Credit. The bill would make permanent the 4% credit rate for acquisition and bond-financed existing projects. In addition, the legislation would allow energy tax incentives to be used in combination with Low Income Housing Tax Credits and help combat local opposition to affordable housing projects by prohibiting local approval and contribution requirements.
“Housing constructed with the Low Income Housing Tax Credit offers struggling American families safe, high-quality, affordable rental housing. More than 10 million renters pay half their income in rent, placing an enormous financial burden on their ability to pay for other necessities like food, transportation and child care. The Low Income Housing Tax Credit is the most successful affordable housing program in the nation. This bill will provide the program with the resources necessary to meet the nation’s affordable housing needs.”