Last week, our COO, Jeanmarie Kapp, was in Washington with other affordable housing developers, owners and managers – including the Illinois Housing Council – to meet with members of Congress and their aides on important industry legislation. Senate Bill 1989 and House Bill 3661 permanently extend the 9% rate of Low Income Housing Tax Credits (LIHTC), and will stabilize the LIHTC market and ensure the future development of affordable rental housing for Americans. That’s our business – making a difference in neighborhoods.
The event was organized by the Housing Advisory Group. HAG is a national advocacy group for the LIHTC industry, and its members and leaders scheduled meetings with aides to key senators and congressmen, to discuss the impact of allowing the 9% fixed rate to expire. Senators Olympia Snowe and Maria Cantwell sponsored in the Senate, and Congressman Pat Tiberi and Richard Neal sponsored in the House. We are working to gather as many co-sponsors as we can before the issue comes to a vote, hopefully before the end of this year.
After a day of in-depth discussions, that evening HAG members got to kibbutz with members of Congress at a reception in the LBJ Room of the US Capitol.
We look forward to the extension of this important piece of the affordable housing pie; without it, the industry will be de-stabilized and developments will languish, waiting for equity that isn’t there.