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January 31, 2024

congress needs to hear from you on h.r. 7024: let’s strengthen the housing tax credit and private activity bond programs

Congress is preparing to vote on a critical tax bill that would expand and enhance affordable housing tax credits, the most successful affordable housing program nationwide. The “Tax Relief for American Families and Workers Act of 2024” is a bipartisan, bicameral effort that among other provisions proposes to:

  1. Decrease the private activity bond (PAB) financing threshold for 4% LIHTCs from 50% to 30% for 2024 and 2025, and
  2. Restore the 12.5% increase in annual 9% LIHTC allocation for 2023 through 2025.

These provisions would allow for an estimated 200,000 additional affordable rental housing units to be built and/or preserved nationwide.

Next Steps: Earlier this month, the bill overwhelmingly passed through the House Ways and Means Committee by a bipartisan vote of 40-3, a key step in advancing the bill. Leaders in the House have signaled that they will use an expedited voting process that may bring the bill to a floor vote this week, but which will require a 2/3 vote for passage.

How You Can Help: Please contact your Congressional representatives today and urge their support for H.R. 7024. Below is a list of Colorado Congressional members and their contact information. Please reach out to your Representative and two Senators.

Please also thank Affordable Housing Credit Improvement Act co-sponsors: U.S. Senator Michael Bennet, U.S. Senator John Hickenlooper, U.S. Representative Yadira Caraveo (CO-8), U.S. Representative Brittany Pettersen (CO-7), and U.S. Representative Joe Neguse (CO-2).

If helpful, the latest organization to endorse the tax bill is the National Governors Association (NGA), which recently released a statement urging Congress to pass the bill. It might be helpful to you to include this when you reach out to your members of Congress as it demonstrates the support of governors across the nation, including NGA Vice-Chair Colorado Gov. Jared Polis, and specifically references the Housing Credit provisions in the bill.

Representative Diana DeGette (CO-1)

Representative Joe Neguse (CO-2)

Representative Lauren Boebert (CO-3)

Representative Ken Buck (CO-4)

Representative Doug Lamborn (CO-5)

Representative Jason Crow (CO-6)

Representative Brittany Pettersen (CO-7)

Representative Yadira Caraveo (CO-8)

Senator Michael Bennet

Senator John Hickenlooper

Contact Julia Selby, Legislative Liaison and Policy Analyst, for more information.