ACTION ALERT: Contact the Senate to Pass the Tax Relief for American Families and Workers Act of 2024

On February 1, 2024, the House of Representatives passed H.R. 7024, The Tax Relief for American Families and Workers Act of 2024 which includes two Low-Income Housing Tax Credit (LIHTC) provisions that were also included in the Affordable Housing Credit Improvement Act (H.R. 3238/S. 1557).  According to Novogradac, the provisions which would restore the 12.5 percent allocation for 2023-2025 and lower the 50 percent bond financial threshold to 30 percent for 2024-2025, would finance more than 200,000 additional affordable homes.

The bill still needs to be considered by the Senate, which faces several challenges, including a busy legislative agenda for February. Members of the Senate have also floated the idea of scheduling a potential markup of the bill which could potentially amend the legislation and further delay any vote to bring the bill on the Senate floor. The Tax Relief for American Families and Workers Act may also be the last opportunity for Congress to pass any tax related provisions until 2025.

The ACTION Campaign, where CLPHA is a Steering Committee member, has prepared background and advocacy materials about the Tax Relief for American Families and Workers Act of 2024.

 

ACTION:

• We strongly ask that CLPHA members reach out to your Senators and urge them to pass H.R. 7024, the Tax Relief for American Families and Workers Act of 2024.  
• When asking your Member of Congress to support H.R. 7024, mention the importance and share your support for the two LIHTC related provisions in the bill and ask that the housing provisions are retained in the Senate:  
  • Restore the 12.5 percent allocation increase for 2023 – 2025. This allocation increase was initially enacted in 2018 but expired in 2021.  
  • Lower the 50 percent bond financing threshold to 30 percent for Private Activity Bond (PAB) allocations made in 2024 – 2025. 

For questions or additional information, contact Gerard Holder, CLPHA Legislative Director at gholder@clpha.org. or Cynthia Cuestas, CLPHA Legislative Assistant, at ccuestas@clpha.org.