Yesterday, eleven United States Senators joined Senators Maria Cantwell (D- Wash) and Orrin Hatch (R-Utah) to introduce the Affordable Housing Credit Improvement Act of 2017. Most notably, the proposed legislation will, if enacted into law, increase the annual allocation of housing tax credits by up to 50%, will provide state agencies with discretion whether a particular project requires up to a 50% basis boost, and will also change the name of the credit from the low income housing tax credit to the affordable housing tax credit. While the Bill has bipartisan cosponsors, it is difficult to foresee whether it will garner enough support in the heavily divided capital. You can read a press release issued by Sen. Cantwell concerning the Bill here.
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