Cassidy Discusses Historic Tax Credit, Affordable Housing in New Orleans

METAIRIE - This morning, U.S. Senator Bill Cassidy, M.D. (R-LA) had a conversation with attendees at the Novogradac Housing Tax Credits and Bond Conference in New Orleans. They discussed what it will take to preserve tax credits that make it easier to provide affordable housing and renovate historic buildings.

"Investing in small towns and big cities in Louisiana and elsewhere makes our cities more livable, our communities more beautiful, and creates jobs," said Dr. Cassidy.

As part of the Tax Cuts and Jobs Act of 2017, Senator Cassidy preserved the Historic Tax Credit. According to the National Trust for Historic Preservation, the credit returns $1.20 in tax revenue for every dollar invested. Nationwide, it has created 3.2 million jobs and preserved more than 49,000 buildings. In Louisiana between Fiscal Years 2001 and 2023, it has supported over 90,000 jobs for over 1,000 projects.

Cassidy is also a cosponsor of the Affordable Housing Credit Improvement Act, which would rename and strengthen the low-income housing tax credit to make housing more affordable.

Cassidy was welcomed to the conference by Mr. Michael Novogradac, the managing partner of Novogradac and Company, LLP, who spearheaded the event.

"We appreciate Senator Cassidy's ongoing support of the Historic Tax Credit, which allows business leaders to renovate and repurpose historic buildings to restore beauty and provide housing or places to eat and shop at, as well as the Housing Credit, which is responsible for financing nearly all affordable rental housing in Louisiana and nationwide," said Mr. Novogradac. "Cassidy is a champion for these efforts, and we are grateful for his leadership and for his attendance at our event today."

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