Senate to Vote on Housing Credit Expansion

July 31, 2024

BY Juliana Bilowich

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The Senate will hold a vote on a tax bill that would expand housing production through the Low-Income Housing Tax Credit.

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 on August 1.

Reach out to your Senators now to remind them what's at stake for affordable housing and urge them to vote in support of the legislation. LeadingAge's action portal makes it easy and quick to reach your lawmakers.

The bill would:

• Restore the 12.5% increase in 9% 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% Housing Credit developments financed with bonds that have an issue date prior to 2026.

Together, these provisions would finance over 200,000 affordable rental homes. The provisions would also support over 304,000 jobs, generate over $34 billion in wages and business income, and generate almost $12 billion in federal, state, and local tax revenue.

The legislation passed the House of Representatives earlier this year by a wide bipartisan vote of 357 to 70 but has been stalled in the Senate for months due to Republican leadership opposition to aspects of the bill that are not related to affordable housing.

The bill will need 60 votes to overcome a filibuster and pass. Whether those votes will be there is not certain, and the vote is seen as a "messaging" vote that gets lawmakers on record with their position on the bill.

Take action here. More information, including a fact sheet on the housing provisions in the bill, is available here.