The House Ways and Means Committee held a hearing, “Paving the Way for Funding and Financing Infrastructure Investments,” on January 29. Witnesses and members discussed the various tools in the tax code that can be used to invest in transportation and infrastructure improvements, including the Low Income Housing Tax Credit (LIHTC) program. The same day, House Democrats unveiled the outline for a $760 billion infrastructure package that includes LIHTC as an important tool for community development.
In his opening remarks, Chair Richard Neal (D-MA) highlighted LIHTC as a critical tool for revitalizing struggling communities in both urban and rural areas. Representative Suzan Delbene (D-WA) emphasized that infrastructure investments should also include resources for affordable housing. She highlighted her bill, the “Affordable Housing Credit Improvement Act of 2019” (H.R. 3077), which would strengthen and expand LIHTC. “It’s critical that we continue to strengthen this housing credit so we can address the affordable housing shortage that we’re seeing across the country,” she said. Laura Canter, executive vice president and division director of the finance programs division at the Massachusetts Development Finance Agency, echoed the representative’s sentiments, noting the importance LIHTC for affordable housing development in Massachusetts. While other members also noted the importance of LIHTC for development, they did not discuss affordable housing as a part of infrastructure investment more broadly.
Learn more about the hearing at: https://tinyurl.com/yxypc6fz
Learn more about the proposed infrastructure package at: https://tinyurl.com/sqtxvhb