Mortgage Action Alliance Call to Action–Tell Congress to Take Action on H.R. 7024
The Mortgage Bankers Association’s grassroots advocacy arm, the Mortgage Action Alliance, issued a Call to Action on Friday, urging its members contact their elected officials to support housing affordability by urging swift House and Senate action on H.R. 7024 – the “Tax Relief for American Families and Workers Act of 2024.”
The House Ways and Means Committee overwhelmingly approved the Tax Relief for American Families and Workers Act of 2024 by a bipartisan vote of 40 to 3. The package, agreed upon via negotiations between House Ways and Means Chairman Jason Smith (R-MO) and Senate Finance Committee Chairman Ron Wyden (D-OR), includes important Low-Income Housing Tax Credit (LIHTC) program enhancements, as well as disaster relief, revisions to the Child Tax Credit, and other business provisions (e.g., favorable changes to business interest deductibility, small business expensing, and bonus depreciation).
Why it matters: The bill restores a LIHTC ceiling increase from 9 percent to 12.5 percent for calendar years 2023 through 2025, thereby allowing states to allocate more credits for affordable housing projects, and temporarily lowers the Private Activity Bond (PAB) threshold test from 50 percent to 30 percent for 4 Percent LIHTC property projects with an issue date before 2026. The changes, if enacted, are estimated to help produce an additional 200,000 rental units nationwide over the next two years.
MBA’s President & CEO, Bob Broeksmit, CMB, issued a statement in support of the bill on January 19.
What’s next: House leaders have indicated they may try to bring the bill to a floor vote under expedited procedures the week of January 29. Senate action will be dependent on the strength of a House floor vote.
The MAA Call to Action urges interested parties to contact both their Representative and their two Senators and tell him/her to support housing affordability by urging swift House and Senate action on H.R. 7024 – and to support the underlying bill.
For more information, contact Bill Killmer at (202) 557-2936.
To learn more about the Mortgage Action Alliance, Click Here.
