The U.S. House of Representatives overwhelmingly passed legislation this week that is predicted to finance hundreds of thousands of affordable housing units, helping New York City and state housing agencies struggling to meet demand.
The $78 billion Tax Relief for American Families and Workers Act of 2024 that includes key measures to boost the Low-Income Housing Tax Credit (LIHTC) program now moves to the U.S. Senate for approval.
If approved, the legislative package promises to spur housing development. It includes restoration of a 12.5% increase in annual 9% LIHTC allocation for 2024 and 2025 and a reduction, from 50% to 30%, of the amount of private bond financing required to access the 4% housing credit.
