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NALHFA Urges Stakeholders to Contact Members of Congress on Stimulus Package

Posted By NALHFA, Wednesday, March 25, 2020
Last Wednesday, in the wake of COVID-19 NALHFA and coalition partners through the ACTION Campaign called on Congress to extend three key Low Income Housing Tax Credit (Housing Credit) statutory deadlines by one year as the deadlines would be nearly impossible for many to meet due to the COVID-19 crisis.
 
Specially the ACTION Campaign urges Congress to provide a one-year extension for three key program deadlines:
 
  • 10 percent test deadlines. Currently, at least 10 percent of the anticipated basis of a development must be expended within one year of the Housing Credit allocation. We propose temporarily extending this deadline to the end of the second year of allocation for properties that received Housing Credit allocations between December 31, 2016 and January 1, 2022.
 
  • Placed in service deadlines. Buildings must currently be placed in service by the end of the second year after the calendar year of the Housing Credit allocation. We proposed temporarily extending this deadline to the end of the third year after the calendar year of allocation for properties that received Housing Credit allocations between December 31, 2016 and January 1, 2022.
 
  • Rehabilitation expenditure deadlines. These are currently required to be placed in service within 24 months. We propose temporarily extending the rehabilitation expenditures deadline to be met at the close of 36-months.
 
ACTION Campaign also recommends that Congress enact a minimum 4 percent Housing Credit rate to bolster future production and preservation of affordable housing. With federal borrowing rates effectively zeroed out in response to COVID-19’s economic impacts, the 4 percent Housing Credit rate is at an all-time low of 3.12 percent, and will likely dip even further next month.
 
 
Please contact your Senators today and urge them to include the above Housing Credit provisions in the third COVID-19 stimulus package. Click here to contact your Senator’s office today, it only takes a few seconds to complete!

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