Letter to Senate on LIHTC Provisions in the Tax Relief for American Families and Workers Act

March 12, 2024

Dear Majority Leader Schumer, Minority Leader McConnell, Chairman Wyden, and Ranking Member Crapo:

As members of the Advisory Committee of the Bipartisan Policy Center’s J. Ronald Terwilliger Center for Housing Policy, we are writing to highlight the critical importance of the provisions of the Tax Relief for American Families and Workers Act that would strengthen the Low-Income Housing Tax Credit (LIHTC). At a time when our nation suffers from a severe shortage of affordable rental homes, it would be a huge, missed opportunity if the Senate were to fail to enact these provisions on a timely basis.

For almost 40 years, LIHTC has been our nation’s most successful affordable housing production program, one that relies on a public-private partnership model that transfers risk from the taxpayer to the private sector. The provisions in the Tax Relief for American Families and Workers Act would further enhance the impact of LIHTC, supporting the production and rehabilitation of an additional 200,000 rental homes over the next two years. While much more needs to be done in response to our nation’s housing affordability crisis, this investment would represent a significant step forward in closing the supply gap at the heart of the crisis.

The House of Representatives recently passed the Tax Relief for American Families and Workers Act by an overwhelming bipartisan vote. We urge the Senate to swiftly consider the bill and ensure that the LIHTC-strengthening provisions are included in any final package sent to President Biden for his signature. Taking this action will help tens of thousands of families in dire need of an affordable home.

Thank you for your consideration of this request.

Sincerely,

Advisory Committee of the J. Ronald Terwilliger Center for Housing Policy