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The House of Representatives hopes to consider a jobs bill perhaps as soon as the week of
November 30. While the situation remains fluid, we are cautiously optimistic that this legislation
might include some of the Low Income Housing Tax Credit (LIHTC) provisions adopted by the
Industry Consensus Group and that we have been actively advocating with decision makers.
Key House Leadership and Ways and Means staff recently indicated that there have been serious
discussions regarding the inclusion of LIHTC initiatives in the jobs bill. Under consideration are a
one-year extension of the exchange provision (expanded to include the 4 percent credit); Part B of
the carry back provision for new investments/projects; and the provision that would allow
Subchapter S Corporations (possibly limited to financial institutions) to participate in the LIHTC
credit on a similar basis as C Corporations. We also understand that consideration is being given
to expanding the Build America Bond program to housing, but no details are available on that
proposal.
While it appears that the House hopes to keep the jobs bill on a fast track, the timeframe for
Senate consideration is unclear. The Senate currently is working on its health care reform bill
which is expected to take at least three weeks in December.
It is critical that all House and Senate members, especially leadership and those on the tax writing
committees, continue to hear from their affordable housing constituency on the vital nature of the
LIHTC provisions. Job creation is foremost on legislators’ minds so we encourage you to utilize
the following link (http://rentalhousingaction.org/about-action/state-fact-sheets) as it pertains to
the states in which you do business. For other resources we recommend visiting
www.rentalhousingaction.org. We continue to focus our efforts on all of the Consensus Group
proposals.
Again, the situation is fluid, but this is very good news per our efforts to stimulate equity
investment, production and job creation. We will keep you posted on any developments with
respect to the jobs bill and the LIHTC proposals.
HAG Contact Information:
David Gasson, Executive Director
(617) 624-8896 – Office
Allison E. Marino, Communications Associate
(617) 624-8678 – Office
Housing Advisory Group • c/o One Boston Place • Suite 2100 • Boston, MA 02108
©2007 Boston Capital
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11/23/2009